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Non-Convertible Debentures (NCDs) are fixed income instruments issued by corporations to raise money from the public.

A debenture is a long-term financial instrument issued by a company to raise funds from the public. Debentures are of two types: convertible and non-convertible. Non-convertible debentures (NCDs) cannot be converted into stocks and are issued for a fixed time period. These offer several benefits to the owner like high liquidity through stock market listing, tax exemptions and safety. In India, NCDs are issued for a minimum maturity period of 90 days.

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