In each of the following sentences four words are given in bold. These words may or may not replace each other to form a contextually and grammatically meaningful sentence. Below each sentence, four options are given for the replacements. You have to choose the correct replacement as your answer. If no replacement is required, choose no change required. Some investors in NSE, which the market regulator has slapped with a steep fine (a) and a six-month ban from public fundraising (b), are urging the bourse not to penalty (c) the challenge (d) and instead focus on doing a long-awaited IPO.