“Neutral on buying NSE unlisted shares at current levels (₹1,990-2,000), as the discount that made them attractive has disappeared. Recommends waiting for the IPO, which could offer a better entry price, regulated allotment, and listing-day liquidity, noting unlisted shares face a six-month lock-in from the listing date. Despite rich valuations (48x earnings, 15x book), NSE's near-monopoly provides fundamental justification.”