Dudh ka jala chhanchh ko bhi phoonk phoonk ke pita hai” (Once bitten, twice shy). Lakshmi Iyer, head of fixed income at Kotak Mutual Fund, succinctly sums up the current state of debt mutual funds (MFs).
Kotak MF and nine other asset management companies (AMCs) — including some of the marquee-est names such as Aditya Birla, ICICI, HDFC and Reliance — face default prospects on loans given to Essel Group (holding company of Zee). Last week, Kotak MF deferred ‘full redemption’ in ..