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:

All three categories of entities can trade in Corporate Bonds and Government Securities in India.

1. Insurance Companies: Insurance companies are significant institutional investors in India's debt markets. They invest a large portion of their policyholders' funds in stable, long-term instruments like corporate bonds and government securities to meet their long-term liabilities and regulatory requirements. They are major players in both primary and secondary debt markets.

2. Pension Funds: Pension funds (including the Employees' Provident Fund Organisation - EPFO, and those managed by the Pension Fund Regulatory and Development Authority - PFRDA) are also major institutional investors. Their mandate is to generate long-term returns for pensioners, and they heavily invest in debt instruments, including G-Secs and corporate bonds, which offer stability and regular income.

3. Retail Investors: While institutional investors dominate the debt markets, retail investors can also trade in both government securities and corporate bonds. For G-Secs, the RBI has introduced initiatives like the 'RBI Retail Direct' scheme to allow individual investors direct access to buy and sell G-Secs. For corporate bonds, retail investors can invest through specific platforms on stock exchanges or through bond funds/ETFs. It's important to note that direct participation might be lower due to minimum investment sizes or complexity, but the option to trade exists.

Therefore, all 1, 2, and 3 can trade in Corporate Bonds and Government Securities.