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Exchange is the server side of a collaborative application product that is part of the Microsoft Server infrastructure. Exchange's major features include email, calendaring, contacts and tasks, support for mobile and web-based access to information, and support for data storage.
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Based on the version of exchange, this can be implemented in different areas:
1) Exchange Global Setting.
2) Virtual Server Setting / Mail Store DB.
3) User Mailbox Level.
By default there is no limit on number of recipients.
Note: Exchange will never identify Bcc or CC alone, number of recipient will consider anything specified in TO, CC and BCC together.