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of <h1>SEBI Clarifies Grandfathering of Unlisted NCDs for Mutual Funds; Extends Compliance Deadlines for Investment Limits.</h1> The Securities and Exchange Board of India (SEBI) has clarified that the grandfathering of existing unlisted non-convertible debentures (NCDs) is applicable across the mutual fund industry, allowing mutual funds to transact in these NCDs without adhering to certain criteria specified in a previous circular. Investments in these NCDs must still comply with due diligence and applicable restrictions. The timeline for compliance with investment limits in unlisted NCDs, set at 15% and 10% of the debt portfolio, is extended to September 30, 2020, and December 31, 2020, respectively. This circular aims to protect investors and regulate the securities market.
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