Which of the following pairs correctly matches a capital market instrument with ONE of its defining characteristics? I.   Equity Share — Carries residual claim on company assets after all liabilities are settled; dividends are discretionary. II.  Non-Convertible Debenture (NC

• D — Debt instrument with fixed periodic interest; no voting rights; ranks above equity in liquidation. III. Preference Share — Carries fixed dividend priority over equity; but in liquidation, ranks below secured creditors and debenture holders. IV.  Commercial Paper — Long-term debt instrument issued by corporates directly to investors, bypassing bank intermediation.