In India, which of the following can trade in Corporate Bonds and Government Securities? 1. Insurance Companies 2. Pension Funds 3. Retail Investors Select the correct answer using the code given below:

Answer: D. All three categories can trade in Corporate Bonds and Government Securities. (1) Insurance Companies: YES. IRDAI permits insurers to invest in both Corporate Bonds (rated AA and above for life insurance funds) and Government Securities (mandated minimum percentage). Life insurance and general insurance funds are major institutional investors in India's debt markets. (2) Pension Funds: YES. PFRDA regulations require pension fund managers under NPS to allocate to G-Secs and rated Corporate Bonds as part of the Lifecycle Fund or Active Choice options. (3) Retail Investors: YES. Retail investors can trade Government Securities via the RBI Retail Direct portal (launched November 2021) and trade Corporate Bonds on exchange platforms or through brokers. Minimum lot sizes have been reduced to encourage retail participation. Source: SEBI debt market regulations / IRDAI Investment Regulations / RBI Retail Direct.