In India, which of the following can trade in Corporate Bonds and Government Securities?

1. Insurance Companies
2. Pension Funds
3. Retail Investors

A Government Security (G-Sec) is a tradeable instrument issued by the Central Government or State Governments acknowledging the government’s debt obligation.

Major players in the G-Secs and Corporate Bond market include commercial banks, Primary Dealers (PDs), and institutional investors like insurance companies. Other participants include co-operative banks, regional rural banks, mutual funds, provident funds, and pension funds.

Individual investors can invest in Government bonds through the Retail Direct scheme, where they register with the RBI for a Gilt Securities Account (RDG). RDG account holders can participate in the primary issuance of SG/CG/SGB/T-bills. Furthermore, individuals can directly invest in Corporate Bonds through various platforms.

Therefore, Insurance Companies, Pension Funds, and Retail Investors can all trade in Corporate Bonds and Government Securities.

Hence, option (d) is the correct answer.

Sources:

• RBI Retail Direct Scheme
• Cleartax - Government Securities