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<h1>Private placement compliance: stock exchange equity placements must follow the Companies Act and SEBI preferential/public issue rules.</h1> Private placements of equity by recognised stock exchanges must comply with statutory and regulatory frameworks: unlisted exchanges must follow the Companies Act and the Unlisted Public Companies (Preferential Allotment) Rules, 2003; listed exchanges must follow the Companies Act and the Board's Guidelines or Regulations on preferential issues; placements to fifty or more persons require compliance with the Companies Act and the Board's Guidelines or Regulations applicable to public issue of capital.