Indiana Code Title 23. Business and Other Associations § 23-2-2.5-4

Sec. 4. The offer of sale of a franchise by a franchisee who is not an affiliate of the franchisor for his own account is exempt from section 9 if the offer or sale is not effected by or through a franchisor.  A sale is not effected by or through a franchisor if a franchisor is entitled to approve or disapprove a different franchisee.