The grey market premium is an unofficial quote by unauthorised operators betting on listing price. It's not regulated because SEBI cannot legitimise illegal trading, and it is often wrong when sentiment shifts sharply between bidding and listing.
I say this not just as an official, but because I see the same two prices every day — the official hospital bill and the "rate" the touts quote outside for a bed. Both prey on desperation, and both are often wrong when real supply meets demand.
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