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:

1, 2 and 3

All three categories can participate in these debt markets. Insurance companies invest in corporate bonds and government securities as part of their regulated investment portfolios. Pension funds also invest in these instruments to manage long-term funds and meet liabilities. Retail investors can access Government Securities through mechanisms such as RBI Retail Direct and can participate in corporate bond markets through permitted exchange-based and other investment channels. Therefore, none of the three categories is excluded.