Buying unlisted shares of the National Stock Exchange prior to its formal public offering involves unique risks compared to trading publicly listed securities. While unlisted shares can be acquired through reputable pre-IPO institutional dealers and specialized brokers, the market lacks centralized exchange transparency, suffers from lower immediate liquidity, and can feature inflated valuations driven by speculative hype. Investors must verify counterparty credibility, check proper share transfer documentation via depository participants, and understand the regulatory locking periods associated with pre-IPO assets.