Differential pricing rules limit discounts for retail investors and employees and require pricing parity for anchor investors. Differential pricing allows specified securities to be offered at different prices subject to limits: retail investors, retail shareholders and eligible employees may receive modest discounts relative to the net offer price (excluding anchor investors); anchor investors in book-built issues cannot be offered a lower price than other applicants; composite issues require justification for any public versus rights issue price difference in the offer document; under alternate book building employees may receive discounted pricing relative to the floor price. Any discount must be expressed in rupee terms in the offer document.