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<h1>SEBI Mandates Liquid Funds Hold 20% in Liquid Assets, Sets Exit Load for Withdrawals Within 7 Days.</h1> The circular issued by SEBI outlines a risk management framework for liquid and overnight funds, mandating that liquid funds maintain at least 20% of net assets in liquid assets like cash and government securities. It prohibits investments in short-term deposits at scheduled banks and in debt securities with structured obligations or credit enhancements, except those with government guarantees. An exit load is required for investors exiting liquid funds within seven days, effective 30 days from the circular date. The cut-off time for NAV applicability is changed to 1:30 p.m. Additionally, AMCs cannot charge fees for parking funds in short-term deposits. These provisions have specific effective dates.