Fair market value rule for equity shares listed after transfer clarified, applying CII-based valuation for IPO offer-for-sale transactions. The Bill inserts an item treating equity shares that were unlisted as on the reference date but became listed later - where transfer was a sale of unlisted equity shares under an offer for sale included in an initial public offer - so that fair market value for capital gains valuation is computed by applying the Cost Inflation Index ratio for the first year of holding to the Cost Inflation Index for the reference financial year. The amendment is retrospective to the stated fiscal commencement and applies to the relevant assessment year and thereafter.