Unlisted shares are the equity shares of companies that are not listed on any recognized stock exchange such as NSE or BSE in India. These companies are privately held and do not trade publicly. Investors can buy and sell these shares through private placements, over-the-counter (OTC) deals, or specialized platforms.

Unlisted shares, also known as private market shares or off-market shares, are equity of companies that are not listed on any public stock exchange. These non-public shares are traded privately, offering investors early-stage opportunities before companies go public.
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https://www.rrfinance.com/unli....sted-shares/Pre-IPO-