SEBI’s debt norm: 36 mutual fund schemes hold over 10% of AT1 bonds March 15, 2021 New guideline to come into effect from April 1 Thirty six schemes of 13 mutual funds have breached the SEBI cap of 10 per cent per scheme in debt securities (primarily additional tier-I and AT-II bonds) with special features. Banking and public sector undertaking fund category has the highest number of seven schemes exceeding the 10 per cent cap in such securities. It is followed by the credit risk fund (five), medium duration (four), medium to long duration funds (four) and dynamic bond fund (three) categories also have excess investment in AT1 bonds, according to a Crisil Research report.