✅ Answer: B)SEBI was established in 1988 as a non-statutory body (by executive order). It was given statutory powers by the SEBI Act, 1992. SEBI is a statutory body (not constitutional). It is an autonomous body that reports to the Ministry of Finance but has independent regulatory powers.

✅ Answer: C) Treasury Bills (91-day)Treasury Bills (T-Bills) are money market instruments — they mature in less than 1 year (91, 182, or 364 days). Equity shares, corporate bonds (10-year), and debentures are capital market instruments — they are long-term (more than 1 year).

✅ Answer: B) National Stock Exchange (NSE)Nifty 50 is the benchmark index of NSE (National Stock Exchange). It tracks 50 large companies. Sensex is the benchmark index of BSE (Bombay Stock Exchange) and tracks 30 companies. NSE was established in 1992; BSE in 1875.

✅ Answer: D) Equity SharesEquity shares are capital market instruments — they are long-term and represent ownership in a company. Money market instruments are short-term (up to 1 year) and include Treasury Bills, Commercial Paper, Certificates of Deposit, and Call Money.

✅ Answer: C) DPIITFDI in India is regulated by DPIIT (Department for Promotion of Industry and Internal Trade) under the Ministry of Commerce and Industry. FPI is regulated by SEBI. RBI manages the foreign exchange aspects of FDI under FEMA (Foreign Exchange Management Act).

✅ Answer: A) Overnight (1 day)Call Money market deals in overnight funds — banks borrow and lend for 1 day. Notice Money is for 2-14 days. Term Money is for 15 days to 1 year. The interest rate in the call money market is called the “call money rate.”

✅ Answer: B) European stock exchangesGDR (Global Depositary Receipt) is listed on European stock exchanges like London Stock Exchange and Luxembourg Stock Exchange. ADR (American Depositary Receipt) is listed on US stock exchanges (NYSE, NASDAQ). Both allow Indian companies to raise capital from foreign investors.

✅ Answer: B) Mutual fundsAMFI (Association of Mutual Funds in India) is the industry body for mutual funds. It promotes the mutual fund industry and protects investor interests. Mutual funds are regulated by SEBI. NAV (Net Asset Value) is the value of one unit of a mutual fund.

✅ Answer: C) Lottery and gamblingFDI is prohibited in Lottery, Gambling, Chit funds, Nidhi companies, Real estate (except townships), and Tobacco manufacturing. IT sector, single-brand retail, and manufacturing allow 100% FDI under automatic route.

✅ Answer: C) 3 yearsThe minimum maturity period for External Commercial Borrowings (ECB) is 3 years. ECBs are loans raised by Indian companies from foreign sources. They are regulated by RBI. ECBs cannot be used for real estate investment or stock market speculation.