The obligations made by an issuer of instruments with regards to a certain cash flow in the future which the issuer promises to pay to the legal bearer of the instruments. These instruments are called Debt Instruments and can also be considered as tradable form of loans. There are different kinds of Debt Instruments available in India such as debentures, bonds, G Secs (Government Securities), Certificates of Deposit, etc. The G Secs are known as the oldest of the debt instruments and have the largest share in the debt market of India. The G Secs play a pivotal role in determining the interest rates in India. Debt instruments provide a fixed return declared as coupon rate.