SEBI to set up ₹33,000 cr backstop facility for debt mutual funds

SEBI announced that its board has approved setting up a Corporate Debt Market Development Fund to act as a backstop facility during market dislocation. The initial corpus of the fund will be ₹3,000 crore, which will contributed by asset management companies, SEBI Chairperson Madhabi Puri Buch said. "The government has approved a 10-time leverage, so (that’s) ₹30,000 crore," Buch added.