Investors often hear the terms ‘listed company’ and ‘unlisted company,’ but the difference becomes especially important when dealing with old physical shares, dematerialisation, transfer, transmission or unclaimed investments. Understanding the difference can help investors determine which process may apply.

What Is a Listed Company?

• A listed company has securities admitted to trading on a recognised stock exchange, subject to the applicable regulatory framework.
• Listed entities are subject to SEBI’s listing and disclosure requirements.

What Is an Unlisted Company?

• An unlisted company is not listed for trading on a recognised stock exchange.
• ‘Unlisted’ does not mean ‘unregulated.’ Companies and securities can still be subject to the Companies Act, MCA rules, depository requirements and other applicable regulations.

Why Does This Difference Matter?

• Is the company listed or unlisted?
• Does the company still exist?
• Has the company changed its name?
• Has there been a merger, amalgamation or demerger?
• Who is the current registrar or relevant intermediary?
• Is the shareholding still recorded?
• Is dematerialisation required?
• Has the shareholder or legal heir changed?
  

2026 Update: Unlisted Public Company Securities

• On June 17, 2026, SEBI issued a press release concerning transactions in securities of unlisted public limited companies on various platforms.
• Investors should verify the status of an investment and understand the applicable regulatory framework before entering transactions involving unlisted securities.

How Topline Solutions Can Help

Topline Solutions can help investors check available company/shareholding information, identify whether a company is listed or unlisted, support physical-share dematerialisation, assist with transmission/legal-heir cases, support IEPF-related claims where applicable, coordinate with companies/RTAs and explain documentation and procedural steps.