For the purposes of the SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021, which of the following is a NON-CONVERTIBLE SECURITY within the scope of the Regulations?

The NCS Regulations, 2021 govern the issuance and listing of non-convertible SECURITIES - instruments such as DEBENTURES, BONDS (including perpetual/instrument-converts), and other debt securities that are NOT convertible into equity shares of the issuer (within the definition of 'non-convertible securities'). Equity shares are separately governed by the ICDR regime, and warrants convertible into equity and mutual-fund units fall outside the NCS scope. The central distinguishing feature is the absence of conversion into equity. The debt-vs-equity classification drives the applicable regulatory framework.