Corporate Debt Market Development Fund is Cat - I AIF: Sebi

Capital markets regulator the Securities and Exchange Board of India (Sebi) has clarified that the Corporate Debt Market Development Fund (CDMDF) has been classified as Category I Alternative Investment Fund (AIF).The fund was set up as a backstop facility to provide liquidity to debt funds when there is an event that causes a surge of redemptions. The fund was set up as an AIF with INR 3,088 crore corpus, to purchase investment grade corporate bonds when there is stress in the market. SBI Funds Management (SBI FM) is the sponsor and the investment manager (IM) of the fund.