Open a demat account for unlisted shares
Unlisted shares are delivered into a demat account with NSDL or CDSL; there is no other route. This page compares brokers that open one, lists the standard KYC, and walks through the steps to your first credit. Your account sits with the depository participant you choose; the desk delivers into it.
Why unlisted shares need demat
Every unlisted share that changes hands in this market carries an ISIN, the depositories' code for a security. The Companies Act rules now require unlisted public companies, and most private companies, to issue and transfer shares only in demat form, so a share certificate on paper cannot be delivered to you. The transfer itself is an off-market instruction from the seller's account to yours, matched by ISIN and quantity, with a small stamp duty collected through the depository.
How to read the comparison
Any SEBI-registered depository participant can hold unlisted shares. What differs is the account-opening charge, the annual maintenance charge and the per-ISIN debit charged when shares leave your account, which applies when you sell, not when you buy. The figures are indicative, taken from published tariff sheets; the sheet you sign is the only one that counts. Links open each broker's own site, and where a link is a referral link the page says so.
What the depository participant asks for
Standard SEBI KYC: PAN, an address proof such as Aadhaar, a bank proof such as a cancelled cheque, a photograph, a signature and a nomination. Names must match across the documents. One account works both ways, receiving shares when you buy and delivering them when you sell; a trading account is needed only if you also trade listed securities.
After the account is open
Download your client master list (CML): it carries the DP ID and client ID a seller needs to transfer shares to you, and the desk asks for it with every buy enquiry. Payment for a deal goes only to the account named on your deal sheet, and the shares arrive as an off-market credit in your holding statement.
Frequently asked questions
Which broker should I choose?
Any SEBI-registered depository participant can receive unlisted shares. Compare the annual maintenance charge and the per-ISIN debit charge, and confirm both on the tariff sheet before you sign.
Does BuyUnlistedShares open the account?
No. Your account sits with a depository participant of your choosing, and the desk delivers the shares into it.
Can unlisted shares be held in physical form?
Transfers in this market happen in demat form only. The rules under the Companies Act require unlisted public companies, and most private companies, to issue and transfer shares in demat.
Do I pay charges when I buy?
The per-ISIN debit charge applies when shares leave your account, not when they arrive. The annual maintenance charge still applies.
Indicative reference price, dated. BuyUnlistedShares is India's premium unlisted shares desk: the unlisted and pre-IPO dealing desk of Gayatri Financial Synergy, Faridabad, in the market since 2002. Reviewed by the BuyUnlistedShares desk before publishing. Data as of 06 Oct 2026.
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