The Industrial Finance Corporation Act, 1948
21A. Bonds and debentures to be approved securities.
Not with standing anything contained in any other law for the time being in force, the bonds and debentures issued or sold by the Corporation shall be, and shall be deemed always to have been, approved securities for the purpose of the Indian Trusts Act, 1882 (2 of 1882), the Insurance Act, 1938 (4 of 1938), and the Banking Regulation Act, 1949.(10 of 1949).