Zero Voltage Regulation at Leading PF
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Approximate transformer regulation is proportional to R_eq cosφ + X_eq sinφ for lagging load, while the reactance term changes sign for a leading load. At a suitable leading power factor, the negative reactive drop cancels the resistive drop, giving zero regulation. Therefore option C.

Zero regulation requires a particular leading power factor.
Do not expect zero regulation at unity or lagging power factor when winding resistance is nonzero.
Zero regulation requires a particular leading power factor.