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The Ultimate Comparison Of Listed and Unlisted Shares

Shares from various companies are divided into different different categories based on the company status. Similarly, shares from listed and unlisted companies are known as listed and unlisted shares respectively. These companies are segregated based on their company listing on any of the formal exchanges.In this article you will understand everything that you need to know about unlisted and listed shares.

What Are Listed Shares?

Listed shares are shares of those companies that are listed on the stock exchange i.e. BSE or NSE and are open for investors in the public. Listed stocks are only for public companies. The shares of listed companies are generally owned by several shareholders. According to Section 2 (52) of the Companies Act 2013, a listed company is one that has any of its securities listed on a recognised stock market. Such businesses must abide by the listing criteria of the relevant stock exchanges.For Example - Tata Consultancy Services, HDFC Bank, Infosys Limited, Reliance Industries Limited etc. These business entities are traded either on the National Stock Exchange or the Bombay Stock Exchange.

What Are Unlisted Shares?

Unlisted shares are shares of those companies that haven’t been listed on any formal exchange. These companies can either be privately owned or a public limited. The shares of unlisted companies are generally owned by a few private investors.

Unlisted shares are further divided into three categories:

  • Pre-IPO shares These are shares of companies waiting for their Initial Public Offering (IPO) and would get listed on the stock exchange in the near future.
  • ESOP Shares Employee Stock Option Plan, is an option given to an employee to buy a certain amount of shares in the company in which they are working. These shares are issued to tenured employees in a company as a form of motivation.
  • Delisted SharesThese are shares of companies that were listed on the stock exchange of India, but are now removed from it due to specific reasons. Delisted shares can no longer be traded on the stock exchange.

Difference Between Listed and Unlisted Shares

There are various differences between listed and unlisted shares apart from the listing of securities. Let’s look at them one-by-one and compare listed and unlisted shares taking up a few points of difference such as trading platform, regulatory body, taxation and more.

Trading Platform and Legality Of Shares

Since listed companies are registered with the stock exchange of India, their shares are traded on the stock exchange such as the Bombay Stock Exchange or the National Stock Exchange. Since unlisted shares are not listed anywhere they have no such platform. These shares are traded in the over-the-counter market.Trading in Listed and Unlisted shares is legal in India.

Regulatory Body

While listed shares are regulated by the Securities Exchange Board Of India, there is no proper regulatory body for unlisted stock though it is governed by the companies act. Listed companies follow strict regulations and have no other option than to abide by it whereas in unlisted shares the regulations are not that rigid as compared to listed shares.

Taxation Of Shares

The taxation of listed and unlisted shares are based on the two categories: Long-term capital gain and short-term capital gain. Since these shares are different, the tax implications are different as well.

Long-Term Capital Gain

  • Listed Shares Under long-term capital gains, listed shares are taxed at 10% after an exemption of 1 lakh.
  • Unlisted SharesThe long-term capital gain in unlisted shares is taxable at 20% with indexation benefits

Short-Term Capital Gain

  • Listed Shares The short-term capital gain is taxable according to the investor's tax slab
  • Unlisted Shares In listed shares, the taxation for short-term capital gains i.e. less than 12 months is at 15%.

Liquidity, Risks and Returns Of Shares

Listed shares are highly liquid as there are a lot of people on the stock exchange ready to trade. The risk element in listed shares is comparatively low but so is the chance to earn exceptional returns. In unlisted shares, the liquidity is a tad lower because of the limited number of investors who invest in long term investments but if you know a trusted trader in unlisted shares like, the liquidity increases. The risk element in unlisted shares is relatively high but even higher are the chances for exceptional returns.

Selling and Buying Of These Shares Through Stocx is a platform that deals in listed and unlisted shares. You won't need to worry about anything with Stocx. Before putting a company up for investment on the platform, Stocx undertakes extensive research on it. Your questions will be answered and you will receive assistance at every stage of the process from the knowledgeable team at Stocx. With stocx selling and buying of listed and unlisted shares can’t get simpler.


Whether a corporation has any listed securities determines whether it is listed or unlisted. Due to its adherence to regulatory restrictions, investing in listed securities may be less risky than other types of investments. Unlisted businesses, however, might provide excellent rewards at a higher risk. Before making an investment selection, it is a good idea to think about your investing aim.

Top Unlisted Companies & InstaBuy Companies

Sell or Purchase Share (Tentative Price)

Fundamental Analysis

Company Industry Stock P/E P/B Company rating MCAP (in Cr.) Current Price
Pharmeasy e-Commerce -2.2 1.3 8906 14.5
Reliance Retail Retailing 141.5 23 698659 1400
Orbis Financial Finance - Investment 25.6 5.5 1226 130

Top Recommendations

Hexaware Technologies

It is a leading global provider of BPO and IT services. Hexaware Technologies Limited provides IT consulting, software development, and business process services.

Unique Features

  • Delisted Company
  • Undervalued Stocx
  • Likely to Grow 2x

API Holdings

Incorporated in 2019, The company operates a consumer healthcare app called PharmEasy that enables the home delivery of pharmaceutical products.

Unique Features

  • Market Leader
  • Available now at 66% discount
  • QIB's invest at Rs.100 per share.

Sterlite Power

Sterlite Power began on 5th May 2015 and is headquartered in Delhi. It is a leading developer & solution provider in integrated power transmission.

Unique Features

  • Likely to grow in 4-5 years
  • Part of Vedanta Group
  • Decent Valuation

Signify Innovation

Incorporated in 2015. Signify is into the manufacturing of electric lights and light fixtures for consumers and professionals.

Unique Features

  • Lighting Industry
  • Part of Philips Group
  • Decent Valuation

Chennai Super Kings

CSK is a subsidiary brand of India Cements. This company is quite popular in India as it known for its cricket team.

Unique Features

  • Most loved IPL Team
  • LIC holds more than 6% Shares
  • One of the best businesses

Elcid Investment

Elcid Investments Limited was incorporated on 3 December 1981 in Mumbai. It is a Non-Banking Finance Company registered with the Reserve Bank of India.

Unique Features

  • NBFC
  • Listed Company
  • Book Value is Rs.6,16,440.

Studds Accessories

STUDDS is a leading manufacturer of motorcycle accessories and helmets. They become the largest helmet manufacturer (two-wheeler) in the world.

Unique Features

  • No.1 Brand of Helmets
  • Having business in 20+ countries
  • Trustworthy Management

Mohan Meakin

Mohan Meakin manufactures alcoholic beverages such as rum, whisky, beer, etc., and non-alcoholic beverages like apple juice, mineral water, etc.

Unique Features

  • Delisted Company
  • Decent Valuation
  • Popular alcoholic (Old Monk)

Orbis Financial

Orbis is recognized as a leading player in the Financial Services Industry, providing Securities Services since 2009 to FDI, Corporate, HNI's.

Unique Features

  • leading player
  • Decent Valuation
  • Excellent growth

Schneider Electric

Schneider Electric President Systems Limited is a designer, manufacturer and supplier of customized enclosure systems for over 30 years.

Unique Features

  • Delisted Company
  • Undervalued Stocx
  • In FY22, 45% growth in Sales

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Updated News/Videos

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Success Stories

How Your Money Can Grow With Us

ICICI Prudential

Pre IPO Price:
IPO Price:
Listing Price:
Absoulte return 138%

1 Lac Invested in ICICI Prudential pre-ipo turned into 2.3 Lac after listing.

ICICI Lombard

Pre IPO Price:
IPO Price:
Listing Price:
Absoulte return 70%

1 Lac Invested in ICICI Lombard pre-ipo turned into 1.7 Lac after listing.


Pre IPO Price:
IPO Price:
Listing Price:
Absoulte return 64%

1 Lac Invested in HDFC Life pre-ipo turned into 1.6 Lac after listing.

AU Small Finance Bank

Pre IPO Price:
IPO Price:
Listing Price:
Absoulte return 241%

1 Lac Invested in AU Small Finance Bank pre-ipo turned into 3.4 Lac after listing.

RBL Bank

Pre IPO Price:
IPO Price:
Listing Price:
Absoulte return 402%

1 Lac Invested in RBL Bank pre-ipo turned into 5 Lac after listing.


Pre IPO Price:
IPO Price:
Listing Price:
Absoulte return 435%

1 Lac Invested in BSE pre-ipo turned into 5.3 Lac after listing.


Pre IPO Price:
IPO Price:
Listing Price:
Absoulte return 335%

1 Lac Invested in CDSL pre-ipo turned into 4.3 Lac after listing.

Nazara Tech

Pre IPO Price:
IPO Price:
Listing Price:
Absoulte return 265%

1 Lac Invested in Nazara Tech pre-ipo turned into 3.6 Lac after listing.

Dmart Avenue

Pre IPO Price:
IPO Price:
Listing Price:
Absoulte return 120%

1 Lac Invested in Dmart Avenue pre-ipo turned into 2.2 Lac after listing.

Reliance Retail Ltd

Price in 2019:
Current Price:
Absoulte return 622.22%

1 Lac Invested in Reliance Retail Ltd pre-ipo turned into 7.2 Lac.

Tata Technologies

Price in 2019:
Current Price:
Absoulte return 477.27%

1 Lac Invested in Tata Technologies pre-ipo turned into 5.7 Lac.