Lock-in requirement secures pre-issue shareholdings for a prescribed period, allows pledging as loan collateral and sets transfer exceptions. The regulation requires a lock-in of the entire pre-issue capital for a prescribed period from allotment or listing, with exclusions for disclosed employee share schemes, venture capital/qualifying AIF/foreign venture capital holdings subject to a longer holding-period measured from purchase, and equity held continuously by non-promoters prior to a direct listing. Convertible securities and resultant equity are treated together for holding-period calculation. Promoter locked-in securities may be pledged as collateral to scheduled commercial banks or public financial institutions if pledged as a loan condition, remain transferable under the transfer regulation, and discretionary allotments follow anchor investor lock-in requirements.