Rohit, no, I installed no ventilation. There's enough volume within the closet, enough space around the equipment, and my amps (Sunfire) don't get warm.
I used the same 'clamshell' molding around the opening that my doors and windows use, mainly because the stack is adjacent to a door.
I opted to forego the fitted faceplates because I don't have rack rails, the cost, and because who knows how often I'll upgrade equipment.
Larry
www.fineelectricco.com