Corporate Debt Market Development Fund created to buy eligible corporate debt during market dislocation with governance and valuation safeguards. The Securities and Exchange Board of India has added a new specified AIF category, the Corporate Debt Market Development Fund (CDMDF), a close ended trust that purchases eligible corporate debt from specified debt oriented mutual fund schemes during market dislocation. CDMDF investments must meet eligibility criteria, be purchased proportionally and at fair prices, observe issuer and group exposure caps, and follow prescribed valuation norms. The regime mandates trustee appointment, a Governance Committee, frequent portfolio and NAV disclosures, prohibition on listing units, a liquidation scheme framework for illiquid assets, Manager continuing interest, and Compliance Officer requirements.