You can find a lot of weird things that are sold on classifieds sites such as OLX and Quikr, including Aadhar cards, cow dung, paan stalls and even screen plays (nice list NDTV Gadgets). A little digging around the weird parts of OLX and Quikr also showed us that we could buy unlisted, de-listed and antique companies’ shares.
Interested in buying shares of Cochin International Airport Limited? There are two options for you here and here in physical format. And we found another dealer who is looking to sell stock in DCM Toyota, Hindustan Alloys & Manufacturing among others. These shares are generally sold by offline dealers and their network where one could buy or sell shares of rarely-traded shares or shares which are restricted to the geography they are in. Such dealers generally make sales through phone calls and physical visits or through ads in newspapers. But it seems now that they’re looking to sell through online classifieds websites too.
It is interesting to note that markets regulator Securities and Exchange Board of India (Sebi) had directed a number of regional stock exchanges to shut shop – So far Hyderabad, Saurashtra, Coimbatore and Mangalore, Chennai, Bangalore stock exchanges have shut down while Kolkata, Delhi, Ahmedabad, Jaipur and Pune stock exchanges are yet to close – and directed the companies on them to shift to the national stock exchanges. But the norms for listing on the Bombay Stock Exchange and National Stock Exchange are tough and most of these companies have the option to delist. But as companies have to pay investors a fair valuation for shares, many have not opted to delist.This means companies listed on regional exchanges might simply vanish when they shut, so there might a certain amount of risk in buying these shares off classifieds.
Business Standard also points out that there are online blogs such as Rare Indian Shares and Junk Shares India where a number of dealers also deal with delisted Shares , unquoted Shares , unlisted ,untraded , suspended Regional Stock Exchanges , Illiquid , Pre IPO stocks.
Responsibility of OLX and Quikr?
But that brings us again to the point of responsibility of market places and aggregators . In the case of shares of companies in stock exchanges which are about to closed down which might vanish, would OLX or Quikr or any other classifieds site take some responsibility for the sale of these stocks? We’ve seen many instances of marketplaces like Flipkart and Amazon where brands do not honour warranties for products sold on them. There also needs to be a recourse for consumers who are buying these sort of shares on online platforms.