Which one of the following transactions would occur in the primary market?

Select one:

a. The gifting of Tiffy Co. shares by a father to his daughter.

b. A financial institution buying shares of Miller stock on the Toronto Stock Exchange.

c. A financial institution selling shares of KS stock to individual investors.

d. An individual selling shares of KS stock to an existing KS shareholder.

e. Tela Co. issuing new shares of stock to an underwriter (investment bank).