Which of the following is not a negotiable instrument?

A negotiable instrument is a written document that can be transferred to another person in exchange for a value. The recipient can then claim the value of the instrument from the original issuer or subsequent holders. Based on this definition, the answer to the question is **Debenture**. Debenture is a type of long-term debt instrument that a company issues to raise funds. Unlike negotiable instruments, debentures cannot be transferred from one person to another. They represent a company's debt obligation to the holder of the debenture and are redeemed at a specified date with interest.