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Mumbai, June 15 The Securities and Exchange Board of India has asked mutual funds to bring down their net investments in money market instruments in a single entity to 30 per cent by September 5, the market regulator said in a circular on Monday.

“It is hereby clarified that in case of the existing schemes where the investments in money market instruments of an issuer are not in compliance with the said notification, asset management companies shall ensure compliance within a period of three months from the date of notification,” the SEBI circular said.

The market regulator had in a June 5 notification said: “No mutual fund scheme shall invest more than 30 per cent of its net assets in money market instruments of an issuer.”

The notification also specified that the limit is not applicable for investments in Government securities, treasury bills and collateralised borrowing and lending obligations.

More Stories on : Mutual Funds | Debt Market | Regulatory Bodies & Rulings

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