What is the difference between Off-Market and On Market transaction of Shares/Securities?

What is the difference between Off-Market and On Market transaction of Shares/Securities?

Feature

On-Market Transaction

Off-Market Transaction

Where it happens

Stock exchange platform

Outside exchange, directly between parties

Price

Market-determined

Mutually agreed

Settlement

Through clearing house & depository

Direct transfer through depository or delivery instruction slip

Regulation

SEBI-regulated

SEBI regulated, but not on exchange