1.SEBI When-Listed Trading Platform (Pre-Listing Trading)
What & Where
“When-Listed” platform: SEBI–exchange regulated venue for pre-listing trade of IPO-allotted shares
Window spans India’s T+1 allotment to T+3 listing, substituting informal grey-market deals
Geography: Nationwide, on NSE & BSE electronic systems
Quick Facts for MCQs
Legal & Policy
- SEBI exercising powers under SCRA and SEBI Act to introduce new pre-listing trading framework
- Platform expected to become part of IPO process guidelines, superseding informal off-market norms
- Compliance will be mandatory for all main-board and SME IPOs once notified
Market Mechanics
- Settlement expected on listing day; trades executed on T+1–T+2 marked “when-listed” until share officially lists
- Price discovery shifts from broker-mediated premiums to transparent order book
- Risk management mirrors secondary-market margins, reducing counterparty default exposure
Investor Protection
- Transparency: Exchange surveillance replaces opaque bilateral deals, limiting manipulation
- Volatility check: Formal order book dampens speculative premium swings seen in grey market
- Accessibility: Retail can exit losing allotments early, large investors can build positions compliantly
Key Data Points
| Feature | Data-Point |
|---|---|
| Regulator | Securities and Exchange Board of India |
| Partner bodies | Stock exchanges (NSE, BSE) |
| Coverage period | IPO allotment (T+1) to official listing (T+3) |
| Current listing mandate | Shares must list within 3 working days post IPO close |
| Core objective | Curb grey-market trading, enhance transparency |
| Trade status | Fully regulated, KYC-compliant, electronic |
| Beneficiary segment | Retail investors seeking exit or entry before listing |
| Grey market nature | Unofficial, price-discovery via demand–supply, no physical delivery |










