A
1 only
B
2 only
C
Both 1 and 2
D
Neither 1 nor 2
Correct answer: (a) 1 only
Explanation
Statement 1 is correct as Primary Dealers have an obligation to bid in government securities auctions. Statement 2 is incorrect because devolment refers to Primary Dealers purchasing unsold government securities when market demand falls short, not a permanent cancellation without dealer participation.
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