Collets rely on one or more tapered surfaces to "close" the collet and grip the tool or work. A mating taper surface is brought into contact with the collet by some sort of axial closing devise; a drawbar, or collet nut on a collet chuck. While you may be able to exert some gripping force by virtue of the three jaw, you are gripping on a surface never intended to be used in that manner. Distortion and possible loss of concentricity, poor work gripping, and possible damage to the collet could result.
Bob