Which of the following transactions of sale of securities would be exempt from the registration requirement? Select one:

[answerhappygod]

Which of the following transactions of sale of securities wouldbe exempt from the registration requirement?
Select one:
a.Transactions made by an issuer.
b.Transactions made by an underwriter.
c.Offerings of small business investment companies not made inaccordance with rules and regulations of the Securities andExchange Commission.
d.Private offerings to a limited number of people who do notpropose to redistribute their securities.
e.Securities of municipal, state, federal and other governmentinstrumentalities, of charitable institutions, of banks, and ofcarriers not subject to the Interstate Commerce Act