The lock-in period for unlisted equity shares depends on numerous factors. The unlisted investments have no stringent restrictions on sales or transfer of shares held in Demat accounts prior to IPO. However, if the respective company applies for IPO and gets itself listed on the public market, then according to SEBI, all your Pre-IPO unlisted equity shares have a lock-in period of 06 months (1 year prior to August 2021) from the date of listing. After IPO, you will find your unlisted investments in your Demat account as shares under lock-in.