 "Angel investors are looking before they leap as exits get tougher")
The Securities and Exchange Board of India (Sebi) has stipulated that all debt papers with a maturity of 30 days or more held in liquid fund portfolios will now have to be marked to market. Earlier, fund houses had to do so only for papers having a maturity of 60 days or more.
In September 2018, rating agency Icra had downgraded the debt papers of IL&FS and its subsidiaries by multiple notches to default grade within a short period. The net asset values (NAVs) of many debt funds, including liquid funds, had declined sharply by over 1 per cent within
