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<h1>Securities Issuers Can Offer Differential Pricing Under Regulation 128, With Discounts Explained in Offer Documents.</h1> Regulation 128 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, addresses differential pricing for specified securities. Issuers can offer securities at different prices to various groups: retail investors, shareholders, or employees may receive securities at a price not more than 10% lower than the net offer price to other applicants, excluding anchor investors. In book-built issues, anchor investors cannot receive a lower price than other applicants. In composite issues, public and rights issue prices may differ, with justification provided. Discounts must be stated in rupee terms in the offer document.