The statement is false.

Explanation:

The statement is false as debentures are long-term securities that can have a life of many years and are not defined to have a certain time period for which they should be issued. Debentures have indentures so that the holder's rights are protected. They are unsecured securities, unlike the bonds that are secured securities. Hence the statement is false as there is no defined time period for which the debentures should be issued.