Glossary · India
Grey market
Definition
Informal, off-exchange trading in shares of companies that have not yet listed publicly — most famously the National Stock Exchange of India (NSE) itself, whose stock changed hands this way for years before its 2026 IPO filing.
Why it matters for a secondary
The grey market is India's unofficial secondaries market for high-profile unlisted names: it sets an informal price anchor that a formal secondary or IPO-stage OFS often has to price against.
Frequently asked questions
Does "Grey market" apply the same way everywhere in Asia-Pacific?
No. Each market in this glossary has its own regulator, corporate forms, and rules — this term is specific to India. Check the linked market page for the fuller picture.
Is this legal or financial advice?
No. This is orientation for investors and allocators, not legal or financial advice. Confirm current rules with a licensed adviser in the relevant market before acting on anything here.