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of <h1>SEBI mandates monthly stress tests for Liquid and Money Market Funds to assess risks and ensure compliance.</h1> The circular mandates mutual funds and asset management companies to implement a standardized stress testing policy for Liquid Fund and Money Market Mutual Fund Schemes. This policy requires monthly internal stress tests to assess interest rate, credit, and liquidity risks, with more frequent tests if market conditions demand. The impact on the scheme's Net Asset Value must be evaluated, and any vulnerabilities identified must be reported to trustees for corrective action. The policy should be reviewed annually, integrated into daily risk management, and compliance reported in the Half Yearly Trustee Report to SEBI. This directive is effective immediately.
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