Before IPO: There is no restriction on the transfer of shares held in Demat form until the IPO Cut-off date of allotment of shares in the IPO (Generally a week before allotment of shares in the IPO). After Listing: As per SEBI rules, all Pre-IPO shares have a Lockin for 6 Months from the date of listing. You can see the shares in your Demat holding as shares under Lockin.