A variety of investors are qualified to invest in the NCD public issue. NCD investors are categories into 3 major categories:

1. Category 1 (QIB)

2. Category 2 (NII)

3. Category 3 (HNI)

4. Category 4 (RII)

Category 1 Investors (QIB)

The NCD Category 1 Investors are Qualified Institutional Investors (QIB). The detail list of these investors is as below:

● Resident Public Financial Institutions

● Statutory Corporations including State Industrial Development Corporations, Scheduled Commercial Banks,

● Co-operative Banks and Regional Rural Banks

● Provident Funds, Pension Funds, Superannuation Funds, and Gratuity Fund, which are authorized to invest in the NCDs;

● Venture Capital funds and/or Alternative Investment Funds registered with SEBI;

● Insurance Companies registered with the IRDA;

● National Investment Fund

● Insurance funds set up and managed by the Indian army, navy or the air force of the Union of India or by the Department of Posts, India;

● Mutual Funds registered with SEBI; and

● Systemically Important NBFCs.

Category 2 Investors (NII)

The NCD Category 2 Investors are Non-Institutional Investors (NII). The list of qualified NII is as below:

● Bodies corporate and societies

● Educational institutions

● Trust including Public/private charitable/religious trusts

● Association of Persons

● Scientific and/or industrial research organizations

● Partnership firms in the name of the partners;

● Limited liability partnerships

Note: In some NCD's the category 2 and category 3 are combined to make category 2.

Category 3 Investors (HNI)

The NCD Category 3 investors are Resident Indian individuals (RII) and Hindu Undivided Families (HUF) through the Karta who apply for aggregated value exceeding Rs 5 lakhs (or Rs 10 lakhs in some NCDs).

Category 4 Investors (RII/HUF)

The NCD Category 4 investors are RII and HUF whose applications aggregate to a value, not more than Rs 5 lakhs (or Rs 10 lakhs in some NCD's).