Overview
Meera, a 29-year-old chartered accountant, had only ever bought listed shares through an app. The unlisted market looked opaque to her: no exchange screen, no order book, and quotes that arrived over chat.
Her aim was not a clever trade. It was to complete one small transaction correctly, end to end, so she would know what a legitimate process looks like before committing more money.
The situation
The mechanics were unfamiliar. Off-market transfers, delivery instruction slips and CML copies were terms she had read about but never used, and the settlement had no automatic guarantee behind it.
She was also being pitched several names at once, with urgency attached to each. She decided the first transaction would deliberately be small and in a well-documented company rather than the most exciting one.
Approach
The steps taken, in the order they happened.
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1 Completed KYC before shortlisting anything PAN, Aadhaar, a cancelled cheque and her client master list (CML) copy were ready on day one, so nothing had to be rushed later under price pressure.
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2 Confirmed the ISIN against the depository She checked that the ISIN on the quote matched the company she believed she was buying — the single check that prevents the most common mix-up.
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3 Asked for the price in writing A written quote with quantity, price per share, total consideration and validity window, instead of a number agreed verbally over a call.
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4 Paid by bank transfer to a company account No cash, no individual accounts, and an invoice retained against the payment reference for her records and future tax reporting.
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5 Matched the delivery to the invoice When the shares were credited, she reconciled the demat entry, the ISIN and the quantity against the invoice before considering the deal closed.
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6 Started small on purpose One minimum lot. Enough to learn the process, small enough that a bad outcome would be a lesson rather than a setback.
The journey
Illustrative timeline showing process completion, not returns. Timelines vary by company, depository and counterparty.
Outcome
- Shares were credited to her demat account on the second working day, with the ISIN and quantity matching the invoice.
- Every payment left a bank trail, which made her tax records straightforward from the start.
- She declined two of the three names she was pitched, because documentation questions were not answered clearly.
- She now treats the checklist, not the price, as the reason to proceed or walk away.
- The holding remains illiquid; she has no expectation of a quick exit and has not sought one.
At a glance
Before and after, on process rather than profit. Illustrative.
| Measure | Before | After |
|---|---|---|
| KYC readiness | Not started | Complete before quoting |
| Quote format | Verbal over chat | Written, with validity |
| Payment method | Unclear | Bank transfer, company account |
| Post-trade reconciliation | None planned | Invoice matched to demat entry |
| Names shortlisted | 3 pitched | 1 purchased |
In their words
I stopped asking what the price would do and started asking who I was paying. That one change made the whole thing feel manageable.
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Read case studyIllustrative journey. Past performance is not indicative. Not investment advice.