Hamare news outlets mein black market ka jikr hota rahata hai. Iski vajah se mumkin hai ki yah podcast sun ne wale har listener ne black market ka naam to suna hoga. People deal in the black market to avoid paying different taxes which are applicable on most goods and services.
Apne white market ka naam bhi suna hoga. The white market is simply the market where goods and services are sold under full regulatory limelight. That is, all the due taxes are paid. The manufacturer and the seller are completely aware that their goods and services were sold. In the trade, if either party breaks a rule or even convention, then the relevant authorities can be brought into the picture. Even legal recourse is possible if it gets to that. White market mein buyer aur seller ke rights legal regime ke antargat protected hote hain. Agar white market aur black market spectrum ke do kinare hain, to is spectrum ke bich mein aata hai grey market.
Black market ki tarah grey market pura illegal bhi nahin hai. Aur white market ki tarah grey market pura legal bhi nahin hai. Grey market mein deal karne ka motivation taxes se bachana nahin hota. Chaliye grey market ko stock market ke example ke sath samajhte hain.
Stock market mein koi bhi company ke ipo se pahle uske issued stocks grey market mein trade hote hain.
Ipo hone se pahle kafi investor's aur internal stakeholders ko stocks issue kiye jaate hain. Abhi stockholders apne stocks ko grey market mein ipo gmp per bhej sakte hain. Ipo ka full form aapko pata hai: initial public offering. Gmp ka full form hota hai: grey market premium.
Grey market par buyers stocks isliye khareed te hai kyunki unka maan na hai hi ki jo stocks ka issued price hai, vah kam hai. Grey market mein kya risk hai iska discussion ham karenge. But before that, we will try to understand why people are attracted to trading stocks in the grey market in the first place.
Grey market per trade karne se fayda ho sakta hai. Buyer ko bhi aur seller ko bhi. This seller can benefit by getting rid of his position and making a profit. The seller will be even more motivated to take the ipo grey market premium if he believes that the issued price of the stock is higher than its actual value. The stock’s price may drop below the amount he paid to get the issued stocks. Phir unke holding ka value bhi gir jayega. To avoid this situation, the seller might want to exit his position before the stock is ever listed on the stock market. The grey market buyers are giving the seller an easy way out at a pretty decent premium over the stock’s issued price.
Now let's try to understand the motivations of the grey market buyers. Grey market buyers issued stocks ke liye premium tabhi pay karenge jab unka maan na hoga ki issued price actual value se kam hai. Therefore, the grey market buyers are bullish on the stock. They believe that once the ipo happens, the price of the stock will go much above its issue price. They even believe the other price will go above the premium that they will pay for the stock in the grey market.
Ideal scenario mein donon parties ka fayda ho sakta hai. While the seller can get rid of his position, as well as the inherent risk of holding stocks which are yet to debut publicly. On top of this, the seller can expect to make a moderate profit in the form of the premium. And if the buyer’s prediction turns out to be true, then he can recover the premium he paid for the stock as well as make some profit by clearing his position once the stocks start trading publicly.
Now let's discuss the risks.
Agar buyers ka prediction sahi nikla to iska matlab yah hota hai ki seller ne apni position jald hi clear karke galti ki hai. Kyunki agar seller grey market mein apne stocks nahin bhejte, aur ipo hone ka wait karte hain to vah white market mein aur bhi jyada paise kama sakte the.
If only they had tolerated the risk for a little while longer, they would have reaped the rewards.
Aur agar stocks ka value stock ke list hone ke bad issue price se bhi niche gir jata hai to grey market buyer ko nuksan hoga.
Therefore regardless of the stock’s activity one party can be said to lose from this grey market transaction.
Ya toh seller ne sell karke apne profits kam kiye hain. Ya to phirbuyer ne buy karke apne sar per loss liya hai. Deals in which there is a winner and a loser are called zero sum games in behavioral economics. In such games it is not possible for both the parties to profit at the same time.
Therefore such games are inferior to positive sum games where both the parties can mutually benefit. Aur phir grey market mein deal karne ka sabse bada khatra to yah hai ki dusri party ne aapko dhokha diya, toh aapka bada nuksan ho sakta hai. Sebi or any other regulatory body will not come to your rescue if a grey market deal goes wrong. Therefore the risks associated with a grey market trade may not be worth the potential rewards.
चलिए, एंजेल वन की तरफ से आपको आज के अलविदा. ये podcast शेयर करना ना भूलियेगा - याद रखियेगा की ज्ञान बाटने से बढ़ता है । और फिर अंत में तोह financial markets एक ऐसी university है जिसमे कोई professor नहीं, सब students ही है ।