{"id":53998,"date":"2026-11-12T11:30:35","date_gmt":"2026-11-12T06:00:35","guid":{"rendered":"https:\/\/flattrade.in\/kosh\/?p=53998"},"modified":"2026-11-12T11:37:15","modified_gmt":"2026-11-12T06:07:15","slug":"primary-market-vs-secondary-market-the-complete-guide-for-indian-investors","status":"publish","type":"post","link":"https:\/\/flattrade.in\/kosh\/primary-market-vs-secondary-market-the-complete-guide-for-indian-investors\/","title":{"rendered":"Primary Market vs Secondary Market: The Complete Guide for Indian Investors"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"53998\" class=\"elementor elementor-53998\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6949fed elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6949fed\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a2bcce5\" data-id=\"a2bcce5\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7621744 elementor-widget elementor-widget-text-editor\" data-id=\"7621744\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p data-lfile-container=\"4c25b4ff-47fc-464c-b048-d03a36501c43\" data-pm-slice=\"1 1 []\">Every share you own was born in the primary market and lives the rest of its life in the secondary market. In the primary market, a company sells new securities to raise money. In the secondary market, investors trade those securities with each other, and the company receives nothing.<\/p><p>The difference sounds simple, but it decides who gets your money, how prices are set, how fast you can exit and what risks you take. This guide explains both markets as they work in India today, with the rules set by SEBI, NSE and BSE.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-dce4d48 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"dce4d48\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-9716330\" data-id=\"9716330\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-67f553f elementor-widget elementor-widget-text-editor\" data-id=\"67f553f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h3 data-lfile-container=\"4c25b4ff-47fc-464c-b048-d03a36501c43\" data-pm-slice=\"1 1 []\">What is the primary market?<\/h3><p data-lfile-container=\"4c25b4ff-47fc-464c-b048-d03a36501c43\" data-pm-slice=\"1 1 []\">The primary market is where securities are created and sold for the first time. The issuer (a company, a government or a public body) sells directly to investors, and the money raised goes to the issuer or, in an offer for sale, to the existing shareholders who are selling. That is why it is also called the <strong>new issue market<\/strong>.<\/p><p>Companies use it to fund expansion, repay debt or let early investors exit. Intermediaries such as merchant bankers, registrars and SCSB banks help run the issue, and SEBI regulates it under the ICDR Regulations.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-f8c7f86 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f8c7f86\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f3154dc\" data-id=\"f3154dc\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-95426a9 elementor-widget elementor-widget-text-editor\" data-id=\"95426a9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h3 data-lfile-container=\"4c25b4ff-47fc-464c-b048-d03a36501c43\" data-pm-slice=\"1 1 []\">Ways securities are issued in the primary market<\/h3>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e0e4b14 elementor-widget elementor-widget-text-editor\" data-id=\"e0e4b14\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<style>\n  .routes-table-wrapper {\n    font-family: system-ui, -apple-system, BlinkMacSystemFont, \"Segoe UI\", Roboto, sans-serif;\n    margin: 1rem 0;\n  }\n\n  .routes-table {\n    width: 100%;\n    border-collapse: collapse;\n    text-align: left;\n    font-size: 0.95rem;\n    color: #1f2937;\n    background-color: #ffffff;\n    border: 1px solid #e5e7eb;\n    border-radius: 8px;\n    overflow: hidden;\n  }\n\n  .routes-table thead {\n    background-color: #f8fafc;\n    border-bottom: 2px solid #e2e8f0;\n  }\n\n  .routes-table th {\n    padding: 0.875rem 1rem;\n    font-weight: 600;\n    color: #0f172a;\n    white-space: nowrap;\n  }\n\n  .routes-table td {\n    padding: 0.875rem 1rem;\n    border-bottom: 1px solid #e5e7eb;\n    vertical-align: top;\n    line-height: 1.5;\n  }\n\n  .routes-table tbody tr:last-child td {\n    border-bottom: none;\n  }\n\n  .routes-table tbody tr:hover {\n    background-color: #f9fafb;\n  }\n\n  .routes-table td:first-child {\n    font-weight: 600;\n    color: #111827;\n  }\n\n  .investor-badge {\n    display: inline-block;\n    padding: 0.2rem 0.6rem;\n    font-size: 0.825rem;\n    font-weight: 500;\n    background-color: #eff6ff;\n    color: #1d4ed8;\n    border-radius: 9999px;\n    white-space: nowrap;\n  }\n\n  @media (max-width: 640px) {\n    .routes-table,\n    .routes-table tbody,\n    .routes-table tr,\n    .routes-table td {\n      display: block;\n      width: 100%;\n      box-sizing: border-box;\n    }\n\n    .routes-table {\n      border: none;\n      background-color: transparent;\n      border-radius: 0;\n    }\n\n    .routes-table thead {\n      display: none;\n    }\n\n    .routes-table tbody tr {\n      background-color: #ffffff;\n      border: 1px solid #e5e7eb;\n      border-radius: 8px;\n      margin-bottom: 0.875rem;\n      padding: 0.875rem 1rem;\n      box-shadow: 0 1px 2px rgba(0, 0, 0, 0.04);\n    }\n\n    .routes-table tbody tr:last-child {\n      margin-bottom: 0;\n    }\n\n    .routes-table td {\n      padding: 0.4rem 0;\n      border-bottom: none;\n    }\n\n    .routes-table td:first-child {\n      font-size: 1.05rem;\n      padding-top: 0;\n      padding-bottom: 0.625rem;\n      margin-bottom: 0.375rem;\n      border-bottom: 1px solid #f1f5f9;\n    }\n\n    .routes-table td:last-child {\n      padding-bottom: 0;\n    }\n\n    .routes-table td[data-label]::before {\n      content: attr(data-label);\n      display: block;\n      font-size: 0.72rem;\n      font-weight: 600;\n      text-transform: uppercase;\n      letter-spacing: 0.04em;\n      color: #64748b;\n      margin-bottom: 0.25rem;\n    }\n  }\n<\/style>\n\n<div class=\"routes-table-wrapper\">\n  <table class=\"routes-table\">\n    <thead>\n      <tr>\n        <th>Route<\/th>\n        <th>Who can invest<\/th>\n        <th>What it is<\/th>\n      <\/tr>\n    <\/thead>\n    <tbody>\n      <tr>\n        <td>IPO (Initial Public Offer)<\/td>\n        <td data-label=\"Who can invest\"><span class=\"investor-badge\">The public<\/span><\/td>\n        <td data-label=\"What it is\">A company lists on the stock exchange for the first time<\/td>\n      <\/tr>\n      <tr>\n        <td>FPO (Follow-on Public Offer)<\/td>\n        <td data-label=\"Who can invest\"><span class=\"investor-badge\">The public<\/span><\/td>\n        <td data-label=\"What it is\">An already listed company issues more shares to the public<\/td>\n      <\/tr>\n      <tr>\n        <td>Rights issue<\/td>\n        <td data-label=\"Who can invest\"><span class=\"investor-badge\">Existing shareholders<\/span><\/td>\n        <td data-label=\"What it is\">New shares offered to current holders in proportion to their holding, usually at a discount<\/td>\n      <\/tr>\n      <tr>\n        <td>QIP (Qualified Institutional Placement)<\/td>\n        <td data-label=\"Who can invest\"><span class=\"investor-badge\">Institutions only<\/span><\/td>\n        <td data-label=\"What it is\">A listed company raises money quickly from mutual funds, insurers, FPIs and other QIBs<\/td>\n      <\/tr>\n      <tr>\n        <td>Preferential allotment<\/td>\n        <td data-label=\"Who can invest\"><span class=\"investor-badge\">Chosen investors<\/span><\/td>\n        <td data-label=\"What it is\">Shares issued to specific promoters, strategic or private investors<\/td>\n      <\/tr>\n      <tr>\n        <td>Private placement<\/td>\n        <td data-label=\"Who can invest\"><span class=\"investor-badge\">Fewer than 200 investors<\/span><\/td>\n        <td data-label=\"What it is\">Shares or bonds sold privately, without a public offer<\/td>\n      <\/tr>\n      <tr>\n        <td>Public issue of NCDs and bonds<\/td>\n        <td data-label=\"Who can invest\"><span class=\"investor-badge\">The public<\/span><\/td>\n        <td data-label=\"What it is\">Companies borrow from investors for a fixed term at a stated interest rate<\/td>\n      <\/tr>\n    <\/tbody>\n  <\/table>\n<\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-9a9f84c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9a9f84c\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4b41928\" data-id=\"4b41928\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b810980 elementor-widget elementor-widget-text-editor\" data-id=\"b810980\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h4 data-lfile-container=\"4c25b4ff-47fc-464c-b048-d03a36501c43\" data-pm-slice=\"1 3 []\">Fresh issue vs offer for sale<\/h4><p>Most Indian IPOs combine two parts, and the split tells you a lot about the issue.<\/p><ul><li><strong>Fresh issue:<\/strong> new shares are created, and the money goes into the company. This is capital for growth or debt repayment.<\/li><li><strong>Offer for sale (OFS):<\/strong> promoters or early investors sell some of their existing shares. The money goes to them, not to the company.<\/li><\/ul><p>An IPO that is mostly OFS is largely an exit for existing holders. Check the split in the Red Herring Prospectus (RHP) before you apply.<\/p><h3>How an IPO works in India<\/h3><p>An Indian mainboard IPO now goes from issue close to listing in three working days (the T+3 timeline, mandatory since 1 December 2023). Here is the full path.<\/p><h4>Before the issue opens<\/h4><ol><li><strong>Draft filing:<\/strong> the company files a Draft Red Herring Prospectus (DRHP) with SEBI. It describes the business, financials, risks, promoters and the use of funds.<\/li><li><strong>SEBI review:<\/strong> SEBI gives its observations, and the company files the Red Herring Prospectus (RHP) with the Registrar of Companies.<\/li><li><strong>Price band and lot size:<\/strong> the company announces a price band (the upper end can be at most 20% above the floor) and a minimum lot.<\/li><li><strong>Anchor book:<\/strong> a day before opening, large institutions called anchor investors can bid for part of the QIB portion. Their shares are locked in for 30 days (half) and 90 days (the other half).<\/li><\/ol><h3>Book building vs fixed price<\/h3><ul><li><strong>Book-built issue:<\/strong> investors bid within the price band, and the final price is set from demand. Most IPOs use this method. Retail investors can tick &#8220;cut-off&#8221; to accept whatever final price is decided.<\/li><li><strong>Fixed-price issue:<\/strong> the price is fixed in advance, and investors only choose quantity. This is now rare outside small issues.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-d461a6c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d461a6c\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5ea7180\" data-id=\"5ea7180\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-866c711 elementor-widget elementor-widget-text-editor\" data-id=\"866c711\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<style>\n  .ipo-table-wrapper {\n    font-family: system-ui, -apple-system, BlinkMacSystemFont, \"Segoe UI\", Roboto, sans-serif;\n    margin: 1rem 0;\n  }\n\n  .ipo-table {\n    width: 100%;\n    border-collapse: collapse;\n    text-align: left;\n    font-size: 0.95rem;\n    color: #1f2937;\n    background-color: #ffffff;\n    border: 1px solid #e5e7eb;\n    border-radius: 8px;\n    overflow: hidden;\n  }\n\n  .ipo-table thead {\n    background-color: #f8fafc;\n    border-bottom: 2px solid #e2e8f0;\n  }\n\n  .ipo-table th {\n    padding: 0.875rem 1rem;\n    font-weight: 600;\n    color: #0f172a;\n    line-height: 1.4;\n  }\n\n  .ipo-table td {\n    padding: 0.875rem 1rem;\n    border-bottom: 1px solid #e5e7eb;\n    vertical-align: top;\n    line-height: 1.5;\n  }\n\n  .ipo-table tbody tr:last-child td {\n    border-bottom: none;\n  }\n\n  .ipo-table tbody tr:hover {\n    background-color: #f9fafb;\n  }\n\n  .ipo-table td:first-child {\n    font-weight: 600;\n    color: #111827;\n  }\n\n  .share-badge {\n    display: inline-block;\n    padding: 0.2rem 0.6rem;\n    font-size: 0.825rem;\n    font-weight: 500;\n    background-color: #eff6ff;\n    color: #1d4ed8;\n    border-radius: 9999px;\n    white-space: nowrap;\n  }\n\n  @media (max-width: 640px) {\n    .ipo-table,\n    .ipo-table tbody,\n    .ipo-table tr,\n    .ipo-table td {\n      display: block;\n      width: 100%;\n      box-sizing: border-box;\n    }\n\n    .ipo-table {\n      border: none;\n      background-color: transparent;\n      border-radius: 0;\n    }\n\n    .ipo-table thead {\n      display: none;\n    }\n\n    .ipo-table tbody tr {\n      background-color: #ffffff;\n      border: 1px solid #e5e7eb;\n      border-radius: 8px;\n      margin-bottom: 0.875rem;\n      padding: 0.875rem 1rem;\n      box-shadow: 0 1px 2px rgba(0, 0, 0, 0.04);\n    }\n\n    .ipo-table tbody tr:last-child {\n      margin-bottom: 0;\n    }\n\n    .ipo-table td {\n      padding: 0.4rem 0;\n      border-bottom: none;\n    }\n\n    .ipo-table td:first-child {\n      font-size: 1.05rem;\n      padding-top: 0;\n      padding-bottom: 0.625rem;\n      margin-bottom: 0.375rem;\n      border-bottom: 1px solid #f1f5f9;\n    }\n\n    .ipo-table td:last-child {\n      padding-bottom: 0;\n    }\n\n    .ipo-table td[data-label]::before {\n      content: attr(data-label);\n      display: block;\n      font-size: 0.72rem;\n      font-weight: 600;\n      text-transform: uppercase;\n      letter-spacing: 0.04em;\n      color: #64748b;\n      margin-bottom: 0.25rem;\n    }\n  }\n<\/style>\n\n<div class=\"ipo-table-wrapper\">\n  <table class=\"ipo-table\">\n    <thead>\n      <tr>\n        <th>Category<\/th>\n        <th>Application size<\/th>\n        <th>Usual share of a profitable company&#8217;s book-built IPO<\/th>\n      <\/tr>\n    <\/thead>\n    <tbody>\n      <tr>\n        <td>Retail Individual Investor (RII)<\/td>\n        <td data-label=\"Application size\">Up to \u20b92 lakh<\/td>\n        <td data-label=\"Usual share of a profitable company's book-built IPO\"><span class=\"share-badge\">At least 35%<\/span><\/td>\n      <\/tr>\n      <tr>\n        <td>Non-Institutional Investor (NII \/ HNI)<\/td>\n        <td data-label=\"Application size\">Above \u20b92 lakh (small NII up to \u20b910 lakh, big NII above)<\/td>\n        <td data-label=\"Usual share of a profitable company's book-built IPO\"><span class=\"share-badge\">At least 15%<\/span><\/td>\n      <\/tr>\n      <tr>\n        <td>Qualified Institutional Buyer (QIB)<\/td>\n        <td data-label=\"Application size\">Institutions only, including anchors<\/td>\n        <td data-label=\"Usual share of a profitable company's book-built IPO\"><span class=\"share-badge\">Up to 50%<\/span><\/td>\n      <\/tr>\n    <\/tbody>\n  <\/table>\n<\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-70b607c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"70b607c\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4976fcf\" data-id=\"4976fcf\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b20cdb7 elementor-widget elementor-widget-text-editor\" data-id=\"b20cdb7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p data-lfile-container=\"4c25b4ff-47fc-464c-b048-d03a36501c43\" data-pm-slice=\"1 1 []\">Loss-making companies that list under SEBI&#8217;s alternative eligibility route must give at least 75% to QIBs, so retail gets at most 10%. SEBI has also been reworking quotas for very large issues, so always check the category split in the RHP.<\/p><h4>Applying and the T+3 timeline<\/h4><p>You apply through <strong>ASBA<\/strong> (Application Supported by Blocked Amount). Your money is only blocked in your bank account, not debited, until allotment. Individuals can bid up to \u20b95 lakh through <strong>UPI<\/strong>; you approve a mandate in your UPI app to block the funds.<\/p><ol><li><strong>Issue open (at least 3 working days):<\/strong> place bids and approve the UPI mandate before the cut-off on the last day.<\/li><li><strong>T (issue close):<\/strong> bidding ends.<\/li><li><strong>T+1:<\/strong> basis of allotment is finalised. When retail is oversubscribed, a computerised lottery gives each winning applicant one minimum lot.<\/li><li><strong>T+2:<\/strong> shares are credited to allottees&#8217; demat accounts, and blocked funds of unsuccessful bidders are released.<\/li><li><strong>T+3:<\/strong> the shares list on NSE and\/or BSE, and trading starts. From here, the share lives in the secondary market.<\/li><\/ol><p>Only one application per PAN counts in a given IPO. Multiple applications under the same PAN are rejected.<\/p><h4>SME IPOs<\/h4><p>Small companies list on the NSE Emerge and BSE SME platforms. Exchanges, not SEBI, vet these issues, disclosure is lighter and minimum investment is much higher (shares trade in lots worth about \u20b92 lakh). SEBI has proposed tighter SME rules in 2026, so read each offer document closely.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-fed789b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"fed789b\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-ec0d07b\" data-id=\"ec0d07b\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-fdd3897 elementor-widget elementor-widget-text-editor\" data-id=\"fdd3897\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2 data-lfile-container=\"4c25b4ff-47fc-464c-b048-d03a36501c43\" data-pm-slice=\"1 1 []\">What is the secondary market?<\/h2><p>The secondary market is where investors buy and sell securities that already exist. When you buy 10 shares of a listed company on NSE, you buy them from another investor, not from the company. The company gets no money from the trade. That is why it is also called the <strong>aftermarket<\/strong>, and most of what people call &#8220;the stock market&#8221; is the secondary market.<\/p><p>Its main job is liquidity. Because there is a ready market, primary-market investors know they can sell later, which makes them willing to invest in the first place. It also does price discovery: every trade updates what the market thinks a company is worth.<\/p><h3>Where the secondary market operates<\/h3><ul><li><strong>Stock exchanges:<\/strong> NSE and BSE are India&#8217;s main exchanges for equities, ETFs, REITs, InvITs, bonds and derivatives. MCX and NCDEX carry commodities.<\/li><li><strong>Over-the-counter (OTC):<\/strong> some bonds and other instruments trade directly between parties outside an exchange, with prices reported to platforms.<\/li><\/ul><h3>\u00a0<\/h3>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-bc2008e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"bc2008e\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-39b7907\" data-id=\"39b7907\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4a77fd5 elementor-widget elementor-widget-text-editor\" data-id=\"4a77fd5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h4 data-lfile-container=\"4c25b4ff-47fc-464c-b048-d03a36501c43\" data-pm-slice=\"1 1 []\">What trades there<\/h4>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-98c1a72 elementor-widget elementor-widget-text-editor\" data-id=\"98c1a72\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<table data-lfile-container=\"4c25b4ff-47fc-464c-b048-d03a36501c43\" data-pm-slice=\"1 1 []\"><colgroup> <col \/> <col \/><\/colgroup><tbody><tr><th colspan=\"1\" rowspan=\"1\"><p>Segment<\/p><\/th><th colspan=\"1\" rowspan=\"1\"><p>Examples<\/p><\/th><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Cash \/ equity<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Shares, ETFs, REITs, InvITs<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Derivatives<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Index and stock futures and options<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Debt<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Listed bonds, NCDs, government securities<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Currency and commodities<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>USD-INR futures, gold, crude oil contracts<\/p><\/td><\/tr><\/tbody><\/table>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1265ac0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1265ac0\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-089e767\" data-id=\"089e767\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b1ef92d elementor-widget elementor-widget-text-editor\" data-id=\"b1ef92d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h3 data-lfile-container=\"4c25b4ff-47fc-464c-b048-d03a36501c43\" data-pm-slice=\"1 3 []\">Who takes part<\/h3><p>Retail investors, traders, HNIs, mutual funds, insurers, foreign portfolio investors (FPIs) and promoters all trade here. Stockbrokers such as Flattrade connect them to the exchange; clearing corporations guarantee settlement; and depositories (NSDL and CDSL) hold the shares in electronic form.<\/p><h3>How a secondary market trade works<\/h3><p>Indian equity trades settle on <strong>T+1<\/strong>: shares and money change hands one working day after the trade. India completed the move to T+1 for all stocks in January 2023, and an optional same-day (T+0) cycle has run for a limited set of stocks since March 2024.<\/p><ol><li><strong>You place an order<\/strong> in your trading app: market order (at the best available price) or limit order (at your price or better), with stop-loss if you want one.<\/li><li><strong>Your broker checks margin<\/strong> and sends the order to the exchange.<\/li><li><strong>The exchange matches it<\/strong> in its order book with an opposite order on price-time priority: best price first, then the earliest order at that price. You never know who is on the other side.<\/li><li><strong>Clearing:<\/strong> the exchange&#8217;s clearing corporation (NSE Clearing or ICCL for BSE) steps in as buyer to every seller and seller to every buyer, so a defaulting counterparty does not hurt you.<\/li><li><strong>Settlement on T+1:<\/strong> the buyer&#8217;s demat account gets the shares and the seller gets the money.<\/li><\/ol>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-db9d845 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"db9d845\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6c046bb\" data-id=\"6c046bb\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a7a36a8 elementor-widget elementor-widget-text-editor\" data-id=\"a7a36a8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h3 data-lfile-container=\"4c25b4ff-47fc-464c-b048-d03a36501c43\" data-pm-slice=\"1 1 []\">How prices are set<\/h3><p>In the secondary market, price comes only from supply and demand. Results, news, interest rates, FPI flows and sentiment all move it. Exchanges apply price bands (circuit filters) on individual stocks and market-wide circuit breakers on indices to slow down extreme moves.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-432cab0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"432cab0\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-51edae3\" data-id=\"51edae3\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6473561 elementor-widget elementor-widget-text-editor\" data-id=\"6473561\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h3 data-lfile-container=\"4c25b4ff-47fc-464c-b048-d03a36501c43\" data-pm-slice=\"1 1 []\">Primary vs secondary market: key differences<\/h3><p>The core difference is who is on the other side of your trade: the issuer in the primary market, another investor in the secondary market.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-dedc7e1 elementor-widget elementor-widget-text-editor\" data-id=\"dedc7e1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<style>\n  .market-table-wrapper {\n    font-family: system-ui, -apple-system, BlinkMacSystemFont, \"Segoe UI\", Roboto, sans-serif;\n    margin: 1rem 0;\n  }\n\n  .market-table {\n    width: 100%;\n    border-collapse: collapse;\n    text-align: left;\n    font-size: 0.95rem;\n    color: #1f2937;\n    background-color: #ffffff;\n    border: 1px solid #e5e7eb;\n    border-radius: 8px;\n    overflow: hidden;\n  }\n\n  .market-table thead {\n    background-color: #f8fafc;\n    border-bottom: 2px solid #e2e8f0;\n  }\n\n  .market-table th {\n    padding: 0.875rem 1rem;\n    font-weight: 600;\n    color: #0f172a;\n    line-height: 1.4;\n  }\n\n  .market-table th:first-child {\n    width: 22%;\n  }\n\n  .market-table th:not(:first-child) {\n    width: 39%;\n  }\n\n  .market-table td {\n    padding: 0.875rem 1rem;\n    border-bottom: 1px solid #e5e7eb;\n    vertical-align: top;\n    line-height: 1.5;\n  }\n\n  .market-table tbody tr:last-child td {\n    border-bottom: none;\n  }\n\n  .market-table tbody tr:hover {\n    background-color: #f9fafb;\n  }\n\n  .market-table td:first-child {\n    font-weight: 600;\n    color: #111827;\n  }\n\n  @media (max-width: 640px) {\n    .market-table,\n    .market-table tbody,\n    .market-table tr,\n    .market-table td {\n      display: block;\n      width: 100%;\n      box-sizing: border-box;\n    }\n\n    .market-table {\n      border: none;\n      background-color: transparent;\n      border-radius: 0;\n    }\n\n    .market-table thead {\n      display: none;\n    }\n\n    .market-table tbody tr {\n      background-color: #ffffff;\n      border: 1px solid #e5e7eb;\n      border-radius: 8px;\n      margin-bottom: 0.875rem;\n      padding: 0.875rem 1rem;\n      box-shadow: 0 1px 2px rgba(0, 0, 0, 0.04);\n    }\n\n    .market-table tbody tr:last-child {\n      margin-bottom: 0;\n    }\n\n    .market-table td {\n      padding: 0.45rem 0;\n      border-bottom: none;\n    }\n\n    .market-table td:first-child {\n      font-size: 1.05rem;\n      padding-top: 0;\n      padding-bottom: 0.625rem;\n      margin-bottom: 0.375rem;\n      border-bottom: 1px solid #f1f5f9;\n    }\n\n    .market-table td:last-child {\n      padding-bottom: 0;\n    }\n\n    .market-table td[data-label]::before {\n      content: attr(data-label);\n      display: block;\n      font-size: 0.72rem;\n      font-weight: 600;\n      text-transform: uppercase;\n      letter-spacing: 0.04em;\n      color: #64748b;\n      margin-bottom: 0.25rem;\n    }\n  }\n<\/style>\n\n<div class=\"market-table-wrapper\">\n  <table class=\"market-table\">\n    <thead>\n      <tr>\n        <th>Basis<\/th>\n        <th>Primary market<\/th>\n        <th>Secondary market<\/th>\n      <\/tr>\n    <\/thead>\n    <tbody>\n      <tr>\n        <td>Also called<\/td>\n        <td data-label=\"Primary market\">New issue market<\/td>\n        <td data-label=\"Secondary market\">Aftermarket, stock market<\/td>\n      <\/tr>\n      <tr>\n        <td>What is sold<\/td>\n        <td data-label=\"Primary market\">Newly issued securities<\/td>\n        <td data-label=\"Secondary market\">Securities already issued and listed<\/td>\n      <\/tr>\n      <tr>\n        <td>You buy from<\/td>\n        <td data-label=\"Primary market\">The company (or selling shareholders in an OFS)<\/td>\n        <td data-label=\"Secondary market\">Other investors, through the exchange<\/td>\n      <\/tr>\n      <tr>\n        <td>Who gets the money<\/td>\n        <td data-label=\"Primary market\">The issuer<\/td>\n        <td data-label=\"Secondary market\">The selling investor<\/td>\n      <\/tr>\n      <tr>\n        <td>Purpose<\/td>\n        <td data-label=\"Primary market\">Raise capital for the issuer<\/td>\n        <td data-label=\"Secondary market\">Give liquidity and price discovery<\/td>\n      <\/tr>\n      <tr>\n        <td>Price<\/td>\n        <td data-label=\"Primary market\">Fixed, or set by book building within a band<\/td>\n        <td data-label=\"Secondary market\">Changes every second with demand and supply<\/td>\n      <\/tr>\n      <tr>\n        <td>How often you can buy<\/td>\n        <td data-label=\"Primary market\">Once, during the issue window<\/td>\n        <td data-label=\"Secondary market\">Any trading day, 9:15 am to 3:30 pm<\/td>\n      <\/tr>\n      <tr>\n        <td>Quantity<\/td>\n        <td data-label=\"Primary market\">In lots; allotment not guaranteed if oversubscribed<\/td>\n        <td data-label=\"Secondary market\">Any quantity (lot sizes apply in F&amp;O and SME)<\/td>\n      <\/tr>\n      <tr>\n        <td>How you pay<\/td>\n        <td data-label=\"Primary market\">Amount blocked via ASBA\/UPI, debited only on allotment<\/td>\n        <td data-label=\"Secondary market\">Paid from your trading account balance<\/td>\n      <\/tr>\n      <tr>\n        <td>Intermediaries<\/td>\n        <td data-label=\"Primary market\">Merchant bankers, registrar, SCSB banks, exchanges<\/td>\n        <td data-label=\"Secondary market\">Brokers, exchanges, clearing corporations, depositories<\/td>\n      <\/tr>\n      <tr>\n        <td>Information available<\/td>\n        <td data-label=\"Primary market\">Prospectus (DRHP\/RHP); no trading history<\/td>\n        <td data-label=\"Secondary market\">Years of price data, results, analyst coverage<\/td>\n      <\/tr>\n      <tr>\n        <td>Effect on company<\/td>\n        <td data-label=\"Primary market\">Directly adds to its capital (fresh issue)<\/td>\n        <td data-label=\"Secondary market\">No direct effect on its capital<\/td>\n      <\/tr>\n    <\/tbody>\n  <\/table>\n<\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-621dab6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"621dab6\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-485620a\" data-id=\"485620a\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b56989c elementor-widget elementor-widget-text-editor\" data-id=\"b56989c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h3 data-lfile-container=\"4c25b4ff-47fc-464c-b048-d03a36501c43\" data-pm-slice=\"1 1 []\">Example: one share&#8217;s journey from IPO to trading<\/h3><p>Take a hypothetical company, ABC Ltd, to see how one share moves from the primary to the secondary market. The numbers below are illustrative, not from a real issue.<\/p><ol><li><strong>Primary market, issue open:<\/strong> ABC Ltd launches a \u20b9500 crore IPO (\u20b9350 crore fresh issue and \u20b9150 crore OFS) with a price band of \u20b9100 to \u20b9105 and a lot of 140 shares. Priya applies for 1 lot at cut-off through UPI, and \u20b914,700 (140 \u00d7 \u20b9105) is blocked in her bank account.<\/li><li><strong>Primary market, allotment:<\/strong> retail is oversubscribed 20 times. Priya wins the lottery on T+1 and is allotted 140 shares at the final price of \u20b9105. \u20b914,700 is debited. The \u20b9350 crore fresh issue goes to ABC Ltd; the \u20b9150 crore OFS goes to the selling shareholders.<\/li><li><strong>Listing on T+3:<\/strong> the share opens on NSE at \u20b9120. From this moment it is a secondary market security.<\/li><li><strong>Secondary market:<\/strong> Priya sells her 140 shares at \u20b9120 to Rahul, who missed the IPO. Priya receives \u20b916,800 on T+1, a gross gain of \u20b92,100. ABC Ltd receives nothing from this trade; its capital was raised once, in step 2.<\/li><\/ol><p>The same share can now change hands thousands of times a day, and every trade happens only between investors.<\/p><h2>Advantages and risks of each market<\/h2><p>Neither market is better; they suit different goals. The primary market offers early entry at a set price, while the secondary market offers choice, information and the freedom to buy or sell any day.<\/p><h3>Primary market<\/h3><p><strong>Advantages<\/strong><\/p><ul><li>Same price for every investor in a category, with no brokerage on the application.<\/li><li>Funds are only blocked, not debited, until allotment.<\/li><li>A chance at listing gains when an issue is priced attractively.<\/li><li>Retail investors get a reserved quota.<\/li><\/ul><p><strong>Risks<\/strong><\/p><ul><li>Allotment is a lottery in popular issues, so you may get nothing.<\/li><li>No trading history; you rely on the prospectus and a few years of financials.<\/li><li>Shares can list below the issue price, and hype can push pricing too high.<\/li><li>Your money is locked for the issue period plus the T+3 cycle.<\/li><\/ul><h3>Secondary market<\/h3><p><strong>Advantages<\/strong><\/p><ul><li>High liquidity: buy or sell any trading day in any quantity.<\/li><li>Thousands of companies, ETFs and bonds to choose from.<\/li><li>Long price history, quarterly results and research help you decide.<\/li><li>You can enter gradually (for example, through a monthly stock SIP).<\/li><\/ul><p><strong>Risks<\/strong><\/p><ul><li>Daily volatility; prices react quickly to news and sentiment.<\/li><li>Easy access can encourage overtrading and emotional decisions.<\/li><li>Derivatives and margin trading can magnify losses beyond your capital.<\/li><li>Brokerage, STT, exchange charges and taxes apply on each trade.<\/li><\/ul><h2>How to invest in both markets with Flattrade<\/h2><p>One Flattrade trading and demat account gives you access to both markets: IPO applications in the primary market and trading on NSE and BSE in the secondary market.<\/p><h3>Applying for an IPO (primary market)<\/h3><ol><li>Keep a UPI ID ready in a UPI app linked to your bank account.<\/li><li>Log in to the Flattrade IPO platform with your Flattrade credentials.<\/li><li>Pick the open issue and read its RHP, price band, lot size and category split.<\/li><li>Enter the number of lots and your bid price (or tick cut-off), add your UPI ID and place the bid.<\/li><li>Approve the mandate in your UPI app with your UPI PIN before the cut-off time on the last day. The amount is blocked, not debited.<\/li><li>Check allotment status on T+1. If allotted, shares reach your Flattrade demat account on T+2 and can be traded from listing day.<\/li><\/ol><h3>Trading listed shares (secondary market)<\/h3><ol><li>Add funds to your Flattrade trading account.<\/li><li>Search for the stock or ETF in the trading platform and check its chart, depth and fundamentals.<\/li><li>Choose delivery (CNC) to hold the shares, or intraday (MIS) to close the same day.<\/li><li>Place a market or limit order, with a stop-loss if you want one.<\/li><li>Bought shares settle into your demat account on T+1.<\/li><\/ol><p>Flattrade&#8217;s zero-brokerage pricing keeps trading costs low in the secondary market, so more of your return stays with you. Statutory charges such as STT, exchange fees, SEBI fees, stamp duty and GST still apply.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4d504a9 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4d504a9\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-9534fe7\" data-id=\"9534fe7\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-56766f6 elementor-widget elementor-widget-text-editor\" data-id=\"56766f6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2 data-lfile-container=\"4c25b4ff-47fc-464c-b048-d03a36501c43\" data-pm-slice=\"1 1 []\">Conclusion<\/h2><p>The primary market is where companies raise capital and investors get in at the start; the secondary market is where those investments find a price and a buyer every day. Each depends on the other: without IPOs there is nothing to trade, and without a liquid secondary market few investors would subscribe to IPOs. Understanding both helps you decide when to apply for a new issue and when to buy an existing stock.<\/p><p><em>Disclaimer: This article is for education only and is not investment advice. Investments in securities markets are subject to market risks. Read all related documents carefully before investing. Examples are hypothetical. IPO rules change; always check the latest SEBI circulars and the issue&#8217;s RHP.<\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-f33d850 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f33d850\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5b38127\" data-id=\"5b38127\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b8b2c4c elementor-widget elementor-widget-text-editor\" data-id=\"b8b2c4c\" data-element_type=\"widget\" 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elementor-widget-text-editor\" data-id=\"ce7534c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/google.com\/preferences\/source?q=https:\/\/flattrade.in\/\" class=\"ft-google-mini-btn\">\n\n\n    <div class=\"mini-btn-content\">\n\n        <span class=\"mini-top\">\n            Stay updated with\n        <\/span>\n\n        <span class=\"mini-main\">\n\n            <span class=\"flattrade-logo\">\n                FLAT<span>TRADE<\/span>\n                <small>KOSH<\/small>\n            <\/span>\n            \n\n            on\n\n            <span class=\"google-text\">\n                <span class=\"g-blue\">G<\/span><span class=\"g-red\">o<\/span><span class=\"g-yellow\">o<\/span><span class=\"g-blue\">g<\/span><span class=\"g-green\">l<\/span><span class=\"g-red\">e<\/span>\n            <\/span>\n\n            <span 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