Unlisted Merits is the pre-IPO and unlisted equity platform of Merits Capital Market Services Pvt. Ltd., a New Delhi–based financial services firm established in 1993 — bringing over 30 years of legacy in India's capital markets to the unlisted space.
For three decades, the Merits name has stood for research-led, client-first guidance. Through Unlisted Merits, we bring that same discipline to one of the market's most opaque corners: pre-IPO and unlisted shares. We don't push deals — we help you understand what you're buying, at a fair price, with the paperwork done right.
30+ years in India's capital markets.
Served across the Merits group.
Facilitated in unlisted & pre-IPO equity.
Across research, operations & relationship management.
Access research-backed insights, transparent pricing and seamless settlement support.
Explore Unlisted SharesMerits Capital Market Services Pvt. Ltd. is a privately held financial services company headquartered in New Delhi, with roots going back to 1993. Across the Merits group, our work spans investor education, research, financial planning, and the facilitation of unlisted and pre-IPO equity.
Unlisted Merits is our dedicated desk for unlisted equity — facilitating the buying and selling of shares in companies not yet listed on a stock exchange, backed by honest research notes, transparent pricing, and end-to-end off-market settlement support.
Unlisted shares are not listed on any stock exchange and are not SEBI-regulated securities. Unlisted Merits facilitates these off-market transactions between buyers and sellers; it is not a SEBI-registered broker or intermediary.
Investments in unlisted shares carry market, liquidity, and valuation risk. Investors should carefully evaluate all associated risks before investing.
Every name on our platform comes with honest, compliance-aware research framing — not hype. We state the risks as clearly as the opportunity.
Clear pricing with no hidden markups. You see what you pay, and why.
The unlisted market is new for many investors; the firm behind this platform isn't. You're transacting with an institution that has operated since 1993.
Full support on off-market transfer, documentation, and demat delivery, handled by experienced operations staff.
The visionary behind Merits Capital, Gagandeep founded the firm in 1993 and has guided its growth ever since. He is an Authorised Person of Motilal Oswal Financial Services Ltd., a SEBI-registered stockbroker, and brings three decades of capital-markets experience to the group.
Drives the firm's growth strategy and the expansion of Merits into new asset classes, including the unlisted equity platform.
Leads the firm's quantitative and rules-based strategy work, bringing a data-driven, systematic lens to the group's offerings.
To bring structure, transparency, and trust to India's unlisted share market — making pre-IPO investing as researched and well-supported as any other part of a serious portfolio.