Grey market for ipo

How do grey markets perform in India. Is it legal market in which contracts entered between parties can be made legally enforceable .
@sabkaview @nithin

Of course anything grey isn’t strictly legal. The performance in grey market - IPO stock or privately held stock, is based on demand and supply. Usually the ones listed to go for IPO, there is usually a premium based on the over subscription levels.

SEBI has brought in a bunch of rules around off-market transfer of shares in demat, and today all companies are required to convert shares to demat, so this will make it tough for grey markets to continue in the long run.