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India’s market regulator has "informally expressed its displeasure" at mutual fund companies depicting the portfolio yield of debt schemes while leaving out the yields on cash and cash equivalents in marketing schemes, said sources.
A portfolio yield is usually calculated by taking the weighted average yield of all the securities in the portfolio, including cash and cash equivalents. Excluding the cash portion while calculating the yield of a debt scheme can jack up overall fields of a debt scheme. Alternatively, a fund house could market a scheme by only showcasing returns that come from securities other than cash.
"Some schemes
