Correct option is C
The primary capital market involves the issuance of new securities directly to investors. The options that are related to the primary capital market are:
IPO (Initial Public Offering): It is the process by which a company offers its shares to the public for the first time, allowing them to become shareholders in the company.
Long Term Loans: While long-term loans are not directly related to the primary capital market, they can be a source of funding for companies in need of capital for their operations.
Venture Capital: Venture capital involves providing funding to early-stage or startup companies with high growth potential, usually in exchange for an equity stake in the company.
Letters of Credit: Letters of credit are not directly related to the primary capital market. They are financial instruments used in international trade to ensure payment security between buyer and seller.
Participation Certificates: Participation certificates are not directly related to the primary capital market. They are investment instruments that represent an investor's share in a pool of assets, such as a mortgage pool or a collection of loans.
Therefore, the options a, b, and c are related to the primary capital market.

