Call it the Amtek Auto effect. After investors in debt schemes suffered losses last year, mutual funds are under close watch over credit-rating downgrades as with that of Jindal Steel & Power (JSPL).
The Securities & Exchange Board of India (Sebi) is examining whether funds may be dressing up portfolios to shield low-rated debt securities, a senior official said. It's looking to see if mutual funds transferred instruments, such as those of JSPL, from one scheme to another.
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