(D) Fixed Deposit Receipts
Fixed Deposit Receipts are not securities. As per SCRA, 1956, securities include shares, bonds, debentures, government securities, derivatives, and units of mutual funds — but not FDRs.
The SCRA, 1956 definition lists shares, bonds, scrips, stocks, government securities, derivatives, units of collective investment schemes, etc. as securities. Fixed Deposit Receipts (FDRs) are banking instruments issued by banks/NBFCs and are not listed under securities. Shares, debentures, and bonds are explicitly covered. Examiners expect direct identification of FDR as the odd one out.