Exp) Option d is the correct answer

All three categories listed (Insurance Companies, Pension Funds and Retail Investors) can trade in corporate bonds and government securities in India.

Insurance Companies: Insurance companies are major players in the Indian bond market. They invest a significant portion of the premiums they collect from policyholders into fixed-income instruments like corporate bonds and government securities.

Pension Funds: Pension funds also invest in corporate bonds and government securities to generate returns and ensure stability for the pension payouts. Pension funds are permitted to invest in corporate bonds or securities rated ‘A’ or higher, or their equivalent on the relevant rating scale. However, investments in bonds rated between ‘A’ and ‘AA-‘ are limited to 10% of the pension fund’s total corporate bond portfolio.

Retail Investors: In recent years, the Indian government has made efforts to increase retail investor participation in the bond market. Retail investors can now invest in both corporate bonds and government securities directly or indirectly.

Source: https://economictimes.indiatimes.com/markets/bonds/new-mr-bond-on-debt-street-lic-steps-up-buy-of-top-rated-nbfc-corporate-papers/articleshow/105824176.cms?from=mdrhttps://www.pfrda.org.in/myauth/admin/showimg.cshtml?ID=1972#:~:text=The%20Pension%20Funds%20are%20allowed,of%20the%20Pension%20Fund%20at

https://economictimes.indiatimes.com/wealth/invest/now-investors-can-buy-corporate-bonds-for-just-rs-10000-should-you-go-for-it/articleshow/110027300.cms?from=mdr

https://www.business-standard.com/economy/news/rbi-to-soon-launch-app-for-retail-investors-to-participate-in-govt-bonds-124040500268_1.html