<h1>Unlisted shares in India: private-equity style investments requiring Demat accounts, off-market transfers, and longer holding periods.</h1> Unlisted shares trade outside recognised exchanges via off-market transfers requiring a Demat account, KYC and depository documentation; pricing is negotiated based on company fundamentals rather than exchange price discovery, liquidity is constrained with longer holding periods, and capital gains taxation depends on holding-period tests-market participants are moving from informal channels to structured platforms and specialist intermediaries.