Is NCD a Share or Fixed Deposit?

NCD is a fixed income instrument to raise capital for business expansion. As specified from the name, it is a non-convertible debenture which cannot be converted into shares later. Unlike shares, the investors do not get the share in the profit or loss of the issuing entities. Fixed deposits cannot be traded in the stock market like NCDs. FDs are available with banks, whereas NCDs are issued by public companies.