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For an Indian public issue under the current T+3 working-day schedule, allotment processing is usually on T+1, demat credit confirmation on T+2, and listing on T+3, counted from the issue’s closing day. You can sell only after the shares are credited to your demat account and trading has begun on the exchange—not as soon as an allotment result appears.
What allotment, demat credit and listing mean
These are separate steps in an IPO, not three names for the same event:
- Allotment is the decision about how many shares an applicant receives.
- Demat credit is the electronic posting of the allotted shares to the investor’s demat account.
- Listing is when the exchange admits the shares to trading. Trading begins when the exchange opens trading in the newly listed stock.
SEBI reduced the public-issue listing timeline from T+6 to T+3 working days in its August 9, 2023 circular. The T+3 timeline is mandatory for public issues opening on or after December 1, 2023, according to SEBI’s February 2026 consolidated ICDR material.
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In this schedule, T is the working day the issue closes. NSE’s published issuer workflow places the main steps as follows:
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| Milestone | Usual position | What it means for you |
|---|---|---|
| Basis of allotment | T+1 working day | The allotment is finalised at the designated stock exchange. This is not permission to sell. |
| Depository credit confirmation | T+2 working day | The issuer submits confirmation that allotted shares have been credited through the depositories. Check your demat account for the actual credit. |
| Listing | T+3 working day | The shares are scheduled to be listed. You can sell only after exchange trading begins and your shares are credited. |
These are working-day milestones, not guaranteed calendar dates. Weekends and exchange holidays affect the dates. The issue’s timetable is indicative, and final exchange listing and trading approvals are required. Check the particular IPO’s offer documents, registrar status page and exchange notice for its dates.
Can you sell IPO shares on listing day?
Yes, if the shares have been credited to your demat account and the exchange has started trading in them. You can then place a sell order through your trading channel, subject to its normal order and market rules. NSE’s investor FAQ states: “You can trade in new shares after they are listed and after ensuring that the allotted shares have been credited into your Demat Account.”
An allotment result, a credit alert by itself, or an announced listing date does not establish that both conditions are met. The same NSE FAQ says off-market transfers cannot be made before listing; its separate answer giving a T+6 listing deadline is outdated and should not be used as the current timeline.
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1Scan for outdated or missing drivers - takes under a minute2Clear out junk files and repair common Windows errors3Fix the driver behind crashes, sound loss and screen glitchesWhat to do if allotted shares are not in your demat account
NSE identifies several possible causes of a failed credit: the account may be inactive or barred from receiving credits, the account details may not match, or the demat number in the bid file may be wrong. If the shares are missing:
- Check with your depository participant that the demat account is active and can receive credits.
- Verify that the account details in your IPO application were correct.
- If the allotment is confirmed but the credit remains missing, contact the issue registrar and provide the account documentation it requests.
These checks address share credit; they do not change the exchange’s listing or trading schedule.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What happens to your application money?
IPO funds and share credit are separate processes. Under ASBA, the application amount is blocked in your account while allotment is pending. If shares are allotted, the amount due is debited; if you receive no allotment, the blocked funds are released, so a refund is not needed. SEBI’s investor guidance explains ASBA and UPI as IPO payment mechanisms.
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