Correct Answer: The issuing company

Solution : The correct answer is (d) The issuing company

The tenure of debentures is determined by the issuing company. The company that issues the debentures specifies the maturity period or the duration for which the debentures will be outstanding before they are redeemed. The maturity period can vary depending on the company's financing needs, long-term plans, and the terms decided at the time of issuance. While regulatory authorities such as the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) (options a and b) oversee and regulate aspects of debenture issuances in India, they do not directly determine the tenure of debentures. These regulatory bodies provide guidelines and regulations to ensure investor protection, fair practices, and transparency in the issuance and trading of debentures.