Legal
Last updated: 25 September 2026
Investing in unlisted and pre-IPO securities is different from investing in listed shares. Please read this declaration carefully and make sure you understand the risks before you transact through Sarffin.
Unlisted and pre-IPO shares are not listed or traded on a recognised stock exchange. Transactions are private and off-market, and are not covered by exchange-level investor protection or settlement guarantee mechanisms.
There may be no ready buyer when you wish to sell. Exiting a holding can take a long time, may only be possible at a discount, or may not be possible at all.
There is no continuous market price for unlisted shares. Prices are negotiated and indicative, and can differ materially from the price at which the shares later list, raise capital or trade.
There is no assurance that a company will list, or list within any expected timeframe. A listing may happen at a price below your purchase price.
Under applicable SEBI regulations, pre-IPO shareholding may be subject to a lock-in period after listing, during which the shares cannot be sold.
Unlisted companies publish less information than listed companies. Business, financial, governance and regulatory developments can materially affect the value of your investment.
Share transfers depend on depositories, registrars and counterparties, and may be delayed or rejected. Certain transfers may need company or regulatory approvals.
The tax treatment of unlisted shares differs from listed shares and may change. Please see our Tax Guide and consult your tax adviser.
You could lose some or all of the capital you invest. Only invest money you can afford to have tied up for an extended period, and ensure private market exposure suits your overall portfolio and risk appetite.
By transacting through Sarffin, you confirm that you have read and understood this declaration, that the decision to invest is your own, and that you have had the opportunity to seek independent advice.
