Once the meeting starts, you, co-organizers, and presenters can admit or deny people from the lobby. Currently there is no way to let only organizers allow/deny people from lobby. This is not possible via UI or API.
You can suggest this feature at https://feedbackportal.microsoft.com/feedback/forum/ad198462-1c1c-ec11-b6e7-0022481f8472
Thanks,
Meghana
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