Amid growing concerns over rising bad debt levels of corporates, market regulator Sebi has stepped up its vigil for mutual funds' exposure to distressed bonds, especially those downgraded by rating agencies.
After the Amtek Auto crisis, the exposure of some leading fund houses to downgraded debt securities of Jindal Steel and Power Ltd (JSPL) has come under the regulatory scanner and Sebi is looking into the detailed submissions made by the mutual funds in this regard, a senior official said.
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