Lock-in of specified securities: pre-issue non promoter holdings subject to statutory one-year restriction after an IPO. Regulation 37 requires a one-year lock-in of the entire pre-issue capital held by persons other than promoters in an initial public offer, while exempting employee stock option/share purchase allotments disclosed per schedule and equity shares held by venture capital or specified alternative investment funds or foreign venture capital investors (subject to at least one-year lock-in from purchase). Where equity results from conversion of fully paid compulsorily convertible securities, the holding periods of the securities and resultant shares are aggregated for the one-year calculation.