Gains / Losses from sale of unlisted shares would be treated as short-term capital only if the shares are held for 24 months or less, as against the earlier period of 36 months.
Thus, gains / losses from unlisted shares held for more than 24 months would classify as long-term.
This distinction is crucial, especially to investors in start-ups as the short-term meant income tax at the slab applicable, while long-term means a flat 10% income tax without the benefit of indexation on purchase cost or 20% income tax with the benefit of indexed cost of purchase.