D.P. Singh, deputy managing director at SBI Mutual Fund, said the initial corpus is based on deliberations made about two years ago. "This (amount) was pegged to the assets under management (AUM) at that particular point in time, and since it has gone up now, the fund size would perhaps also increase in the coming years. This is a dynamic number in my view," Singh said over the phone.
On Wednesday, the Securities and Exchange Board of India (Sebi) approved setting up the Corporate Debt Market Development Fund in the form of an Alternative Investment Fund (AIF). The fund will act as a backstop to the purchase of investment-grade corporate debt securities in times of stress. Sebi said this would instil confidence among corporate bond market participants and enhance secondary market liquidity. The announcement comes about three years after Franklin Templeton closed down six debt funds, citing a lack of liquidity in April 2020.
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