Look at 312.5 (C) ex. There are certain things that you must do.
it should be emphasized there are exactly two types of conduit sleeves, a sleeve that attaches to a panel and all others.
The 312.5(C) applies to sleeves that attach to panels, meters and or 'cabinets and cut out boxes'.
the second type is all others, like a isolated sleeve or a sleeve that hits a Jbox, for those per Note 2 in the tables in chapter 9:
(2) Table 1 applies only to complete conduit or tubing systems
and is not intended to apply to sections of conduit or tubing
used to protect exposed wiring from physical damage.
working for a company that does a lot of residential panel changes I got to say the '312.5(C) exception' sleeves have caused more inspection failures and debates about code with inspection agencies than any other code section.
In the '312.5(C) Exception Item (7) was changed in the 2017 to add Note 2 to the tables
in Chapter 9 does not apply to this condition;
(7) Where installed as conduit or tubing, the cable fill does not
exceed the amount that would be permitted for complete
conduit or tubing systems by Table 1 of Chapter 9 of this
Code and all applicable notes thereto. Note 2 to the tables
in Chapter 9 does not apply to this condition.
A job I recently looked at was a new exterior panel mounted on a structure, they wanted some new circuits but no exposed conduit, I opened it up and that is when I found this had a 2" PVC male adapter going out the back of the panel into a wall space, then all the romex and even old BX come thru this 'sleeve' into the loadcenter. Its a very narrow style 40 circuit loadcenter made by Eaton, with 1/2 the space on the left taken up by the meter, and there would be no possible way to have 40 circuits enter this loadcenter and each one be secured to the panel per 312.5(C). Its like they intended it to only feed a few raceways with many circuits in each raceway, but no residences here have raceway, all are NM or old BX cable.