. Non-convertible debentures, also known as NCDs, are a type of debt instrument that cannot be converted into equity shares of a company. These debentures are typically issued by companies to raise capital and are considered a safe investment option. Unlike convertible debentures, NCDs do not provide the option for investors to convert their debentures into equity shares. This allows companies to maintain control over their ownership structure and avoids dilution of existing shareholders' stakes. Non-convertible debentures can have fixed or floating interest rates and may be secured or unsecured. Investors should carefully consider the terms and risks associated with NCDs before making any investment decisions.