Pricing of equity shares: new VWAP standard and valuation rules for infrequently traded shares, with adjustment events specified. Regulations amend ICAR rules to permit sale of bonus shares where underlying securities were held for at least one year and bonus shares issued from free reserves/share premium; extend a timing reference from thirty to sixty days; define 'frequently traded shares' by twelve month turnover relative to class size; change pricing for frequently traded shares to volume weighted average price; require valuation parameters and an independent certificate for infrequently traded share pricing; and subject preferential issue prices to adjustments for specified corporate events. Schedule XI allocation illustrations are updated accordingly.