Consider the following statements regarding SEBI's regulatory mandate and the grey market for IPO shares in India:

Statements

1. SEBI's statutory mandate under the SEBI Act, 1992 covers surveillance and enforcement over transactions conducted on recognised stock exchanges; informal grey-market trades in unlisted shares, occurring outside recognised exchanges without any paperwork or share transfer, fall outside the conventional scope of exchange-level surveillance.
2. A high grey market premium (GMP) for an IPO constitutes a verified official indicator of actual subscription demand, since SEBI-registered intermediaries are required to report such data to the regulator.
3. The grey market premium, being an informal price signal generated outside regulated market infrastructure, carries no legal enforceability — settlement occurs only through payment of the price difference, with no actual transfer of shares or legally recognised obligation.