20 . Utilities Itd . decided to go public by an initial public offering . It sold securities , some* of which were bought by James Jefferson . Six months later , Mr. Jefferson sold the Utilities shares he had purchased to Martha Graham and Mark Franco . Two years later , Mr. Jefferson bought back the Utilities shares from MS . Graham and Mr. Franco and made a profit out of both transactions . Who is the issuer in this scenario ?* A ) Utilities Led . B ) James Jefferson ( ) Martha Graham D ) Mark Franco