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

They are transferable by mere delivery The interest on it is paid to the holder irrespective of identity They are treated as negotiable instruments Their transfer requires a deed of transfer

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