Is Grey Market Kostak and Subjected to Sauda are different?

The Grey market Kostak is the premium you get irrespective of the allotment status. For example, if you sold your IPO application for a Kostak price of Rs 1200, you will get Rs 1200 for sure. No matter if you get an allotment or not.

The Grey market Subject to Sauda is the application premium that is applicable only if you get the allotment. For example, if you sell your IPO application in the grey market as Subject to Sauda for Rs 4500, you will get this money only if you get an allotment.