1. Restriction on Share Transfer and Public Offer

• A private limited company is restricted from inviting the public to subscribe to its shares
  
• It cannot freely transfer shares beyond its existing shareholders or pre-approved investors
  
• These restrictions are defined under Section 2(68) of the Companies Act, 2013
  

2. Listing Reserved for Public Limited Companies

• Only a public limited company can list its securities on recognized stock exchanges like NSE or BSE
  
• The company must comply with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
  

3. Conversion Requirement for Listing

• A private limited company must first convert into a public limited company
  
• This involves altering the Articles of Association, increasing the number of shareholders, and removing restrictions on share transfers
  
• Must also meet eligibility conditions related to minimum capital, profitability, and number of shareholders
  

4. Regulatory Approval and IPO Process

• After conversion, the company must file a Draft Red Herring Prospectus (DRHP) with SEBI
  
• It must undergo due diligence, financial audits, and regulatory approvals before launching an Initial Public Offering (IPO)
  
• On successful IPO, the company’s shares are listed and traded on the stock exchange
  

5. Post-Listing Obligations

• Once listed, the company must comply with continuous disclosure, corporate governance, and reporting obligations
  
• Subject to scrutiny by SEBI, stock exchanges, and market regulators