Ahead of an NSE initial public offering (IPO), India’s markets regulator, SEBI, warns investors against trading in unlisted shares through platforms that are not authorised by the regulator. SEBI’s message is that only recognised stock exchanges are permitted to provide a platform for fundraising and for trading in securities. The regulator cautions investors that dealing in unlisted shares via unauthorised channels can expose them to risks, including fraud and unfair trading practices, as these platforms are not covered by the regulatory framework applicable to recognised exchanges. SEBI’s notice reinforces that fundraising and trading activities in securities must occur through approved market infrastructure. Investors are therefore advised to verify that any platform they use for share transactions is authorised and operates through recognised stock exchanges. The regulator’s warning is intended to reduce the likelihood of investors participating in transactions that fall outside SEBI’s oversight, particularly during periods of heightened market attention linked to the NSE IPO.