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of <h1>SEBI Updates Norms for Mutual Funds in Derivatives: New Rules for Hedging Interest Rate Risks in Debt Portfolios.</h1> The Securities and Exchange Board of India (SEBI) issued a circular revising norms for mutual funds' participation in derivatives to manage interest rate risks in debt portfolios. Mutual funds can now hedge portfolios using Interest Rate Futures (IRFs) based on weighted average modified duration. Imperfect hedging is allowed up to 20% of net assets, provided certain conditions, such as maintaining a correlation of at least 0.9, are met. Disclosure requirements for derivative positions have been updated, including separate disclosures for hedging positions and monthly portfolio disclosures. The circular aims to protect investors and promote market regulation.
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