hi
recently my father decided to monetize his old physical shares.most of them are worthless,some have done okay but few are multibaggers. there were some shares of delisted companies like essar oil,sbi home etc. is there any mechanism to sell these shares?
There is usually a private market to sell delisted shares of good businesses. But as you can guess, it is not a liquid market since it has stopped trading on exchanges. It will be also tough to value this stock to sell at if you find the buyer.
Where to find these buyers, hmmm… your chartered accountant will probably be the first best person to ask.
THis is a good place to start
After u put ur post for what u want to sell, it will take a month or so to list and 100s of ppl who trade in buying delisted companies will recieve this and I have rcvd some offers for delisted shares I have also.
Another point to note is to be careful and ensure that the "delisted’ shares are actually delisted.
My father had shares in “Ashok leyland finance” which sharekhan guy informed was delisted
(this was back in 2012) when he still had a SK account 
I thought it was worthless but some reason didn’t throw it away.
Recently, I was bored and figured I’d track why this company closed down.
It turns out that ashok leyalnd finance was amalgamated, and eventually turned into IndusInd bank.
I got few lac worth of Indusind bank from the share transfer agents after producing these old shares.
So double check & triple check for amalgamations, demergers etc, before disposing of so called “DELISTED” shares!
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Sbi home finance last traded in 2005 is actively dealt by unquoted share dealers around 25-30 rs per share. Essar oil which delisted in 2015 @ 262.80 PLUS 75.48 =338.28 per share is thinly traded with such dealers and price is 130-160 per share.
Any body buying old almost JUNK shares in physical form…i have more than 100 such companies in my list of holding.