Which of the following is NOT a characteristic of Bearer Debentures?

The correct answer is option 4- Their transfer requires a deed of transfer.

Bearer debentures are the debentures which can be transferred by way of delivery and the company does not keep any record of the debenture holders. Interest on debentures is paid to a person who produces the interest coupon attached to such debentures.

Hence option 4 i.e. Their transfer requires a deed of transfer is not a characteristic of Bearer Debentures. It is a characteristic of registered debentures.