Zerodha’s Nithin Kamath has warned retail investors about the risks of investing in unlisted shares, citing steep markups, poor price discovery, and lack of liquidity. Highlighting cases like HDB Financial’s IPO pricing shock, Kamath and Zerodha’s Bhuvan urge caution, noting SEBI’s warnings against unregulated platforms and advising investors to stick to regulated options like mutual funds and listed equities.