Business Standard also looked at the data as a percentage of mutual funds’ debt assets. This is the highest since 2010-11. The value of transfers accounted for 14.99% of the average fixed income assets, shows data from mutual fund tracker Morningstar India. This is the highest in seven years. Debt funds usually sell securities in the open market. Inter-scheme transfers are an alternative route. They allow for moving debt securities between schemes within the same fund. The regulator generally frowns on the practice. It allows fund houses some discretion in the way they value such papers. Such transfers during the financial crises led to illiquid paper ending up in schemes which hadn't invested in them. The regulator subsequently asked for data on such transfers to be disclosed daily. This data is available since 2009-10. The year 2010-11 is the first period with data for the whole year. The previous year (2009-10) only has data from August 2009.