Differential pricing in securities offers limits discount available to certain applicants and requires rupee-denominated discount disclosure. An issuer may offer specified securities at different prices provided individual investors who apply for the minimum application size, retail individual shareholders, or reserved employees are not offered a price lower by more than ten per cent of the net offer price to other categories excluding anchor investors; differential pricing and the net offer price must preserve a uniform minimum application lot size for all applicants; in book-built issues anchor investor pricing must not be lower than that for other applicants; any discount must be expressed in rupee terms in the offer document.