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. Insurance Companies — Yes. Insurance companies are major institutional investors and are permitted to trade/invest in both government securities and corporate bonds.
Verdict: Correct.

2. Pension Funds — Yes. Pension funds such as EPFO/NPS-related funds can invest and trade in government securities and approved corporate debt instruments.
Verdict: Correct.

3. Retail Investors — Yes. Retail investors can participate in government securities (including through RBI Retail Direct) and can also buy/sell corporate bonds through exchanges/platforms.
Verdict: Correct.

Since 1, 2 and 3 can trade in corporate bonds and government securities, the correct answer is (d).