Consider the following statements :

1. In India, Non-Banking Financial Companies can access the Liquidity Adjustment Facility window of the Reserve Bank of India.

2. In India, Foreign Institutional Investors can hold the Government Securities (G-Secs).

3. In India, Stock Exchanges can offer separate trading platforms for debts.

Which of the statements given above is/are correct?

The correct option is 2 and 3 only.

Let us analyze each statement step-by-step to understand why this option is correct:

Statement 1 is incorrect:
The Liquidity Adjustment Facility (LAF) is a tool used by the Reserve Bank of India (RBI) that allows banks to borrow money through repurchase agreements (repos) or to make loans to the RBI through reverse repo agreements. This facility is primarily available to commercial banks (excluding Regional Rural Banks) and Primary Dealers. Non-Banking Financial Companies (NBFCs) do not have direct access to the RBI's LAF window.

Statement 2 is correct:
In India, Foreign Institutional Investors (FIIs) and Foreign Portfolio Investors (FPIs) are permitted to invest in Government Securities (G-Secs), including Treasury Bills and dated securities, subject to certain limits and guidelines prescribed by the RBI and the Securities and Exchange Board of India (SEBI).

Statement 3 is correct:
Stock exchanges in India, such as the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE), are permitted to offer separate debt trading platforms to facilitate the trading of retail and corporate debt securities, promoting liquidity and transparency in the debt market.

Since statements 2 and 3 are correct and statement 1 is incorrect, the correct combination is 2 and 3 only.