Hi @Ankit Pandey ,
External sharing restrictions
You can restrict external sharing with these options:
- Restrict which domains users can share with.
- Limit external sharing to people in a specific security group.
- Expire guest access after a specified period.
- Require reauthentication after a specified period for users using a verification code.
Yes, it is possible to allow only some users to be able to share externally to anyone outside the already allowed domains. For detail steps, Please refer to this article: https://learn.microsoft.com/en-us/sharepoint/manage-security-groups#allow-only-members-in-specific-security-groups-to-share-sharepoint-and-onedrive-files-and-folders-externally
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