Finance Minister Nirmala Sitharaman in Budget 2021 speech proposed setting up of a body that will purchase investment-grade debt securities in stressed markets, as well as in normal conditions. Sitharaman said that such a body will help to “instill confidence amongst the participants in the corporate bond market during times of stress…” This move comes in light of the sharp liquidity crunch that was felt in the bond markets following the Covid-19 outbreak, which forced Franklin Templeton Mutual Fund (FT MF) to close six of its debt schemes with combined investor assets of Rs 25,856 crore.
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