The time period of a simple pendulum is given by:
\[
T = 2\pi \sqrt{\frac{l}{g}}
\]
However, when the pendulum is immersed in a liquid, the effective force acting on the bob is affected by the buoyancy force exerted by the liquid. This reduces the effective gravitational acceleration to:
\[
g_{{effective}} = g \left( 1 - \frac{\rho}{\sigma} \right)
\]
where \( \rho \) is the density of the bob, and \( \sigma \) is the density of the liquid. Therefore, the time period for small oscillations becomes:
\[
T = 2\pi \sqrt{\frac{l}{g_{{effective}}}} = 2\pi \sqrt{\frac{l}{g \left( 1 - \frac{\rho}{\sigma} \right)}}
\]
Thus, the correct answer is:
\[
T = 2\pi \left( \frac{1}{\sqrt{g(1 - \frac{\rho}{\sigma})}} \right)
\]