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    <title>Applicability.</title>
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    <description>Regulation 3 provides that the sweat equity regulations do not apply to an unlisted company, except that an unlisted company issuing sweat equity shares in connection with an initial public offering and seeking listing must comply with the Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines, 2000.</description>
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      <description>Regulation 3 provides that the sweat equity regulations do not apply to an unlisted company, except that an unlisted company issuing sweat equity shares in connection with an initial public offering and seeking listing must comply with the Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines, 2000.</description>
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