Buch added that discussions are going on with 2 stock exchanges to implement the when-listed facility which will allow shares to be traded during the 3-day period between the allotment and listing.

Experts note that most grey market activity for IPOs occurs before the issue is launched. IPOs with higher grey market premiums often see strong subscription numbers, making GMP a key factor for investors.

Speaking at an event organised by the Association of Investment Bankers of India (AIBI), Buch said discussions were underway with the two stock exchanges to put in place a 'when listed' platform where

India’s securities market regulator is considering steps to formalize trading in initial public offerings where bidding has closed, but the shares are yet to be listed.

SEBI is working on introducing a new system that allows trading in shares of companies that are in the process of listing.

Securities and Exchange Board of India (Sebi) is looking to launch a “when-listed” platform for trading of shares of companies that have finished their initial public offering (IPO) and are yet to be listed on stock exchanges, its Chairperson Madhabi Puri Buch said on Tuesday.

Markets regulator, the Securities and Exchange Board of India, is actively looking at allowing 'when-listed' securities to trade on the country's stock exchanges, Chairperson Madhabi Puri Buch said on Tuesday.

In a move to bring transparency and regulation to India’s capital markets, the Securities and Exchange Board of India (SEBI) is exploring the concept of 'when-listed' securities trading. This initiative would allow IPO allottees to trade shares during the three-day gap between the close of an IPO and its official listing,

Sebi’s proposal to introduce a “when-listed” trading period aims to bring transparency to pre-listing transactions and curb grey market practices. The move underscores the regulator’s broader push for ethical governance and investor trust in India’s booming capital markets.