Which of the following is an example of a fixed-income security?  A. Equity shares  B. Preference shares  C. Debentures  D. Convertible bonds

C. Debentures

Here's why:

A. Equity shares are not fixed-income securities. They represent ownership in a company and their returns are not fixed, but depend on the company's performance.

B. Preference shares are also not fixed-income securities. While they do pay dividends, which can be seen as a form of fixed income, they are still a type of equity and their returns can vary.

C. Debentures are a type of debt instrument, which is a category of fixed-income security. They pay a fixed rate of interest to the debenture holders, which is why they are considered fixed-income securities.

D. Convertible bonds are a type of bond, which is a fixed-income security. However, they can be converted into a predetermined number of shares in the issuing company, which introduces an element of variability in their returns. Therefore, they are not purely fixed-income securities.