Detailed Explanation:

Answer: Option 3 — 1, 2 and 3

All three statements are correct. NBFCs registered as Primary Dealers can access the RBI's Liquidity Adjustment Facility, and during liquidity stress, special windows are opened for NBFCs. Foreign Institutional Investors (FIIs/FPIs) are permitted to invest in and hold Government Securities under regulated frameworks. Stock exchanges in India operate dedicated debt trading platforms like the Wholesale Debt Market and Retail Debt Market segments.

✅ Statement 1 – Correct: NBFCs registered as Primary Dealers have direct access to RBI's LAF window, and special liquidity facilities have been extended to NBFCs during stress periods.

✅ Statement 2 – Correct: Foreign Institutional Investors (now under FPI framework) can hold G-Secs and Treasury Bills subject to regulatory caps and routes like the Fully Accessible Route.

✅ Statement 3 – Correct: Indian stock exchanges like NSE and BSE offer separate trading platforms for debt instruments through segments like Wholesale Debt Market (WDM) and Retail Debt Market (RDM).

📝 Short Notes: Financial Market Infrastructure in India

• Liquidity Adjustment Facility (LAF): RBI's monetary policy tool to manage day-to-day liquidity; primarily used by Scheduled Commercial Banks through repo and reverse repo operations.
• Primary Dealers (PDs): Specialized financial institutions registered with RBI to underwrite and make markets in government securities; some NBFCs can be registered as PDs.
• Foreign Portfolio Investors (FPI): Consolidated category (replacing FII/FDI) for foreign investors; regulated by SEBI with specific investment limits in debt and equity markets.
• G-Secs Investment Routes: General route (with limits) and Fully Accessible Route (FAR) for specified securities without any limits for foreign investors.
• Debt Market Segments: Stock exchanges operate WDM for institutional investors and RDM for retail investors to trade government securities, corporate bonds, and other debt instruments.