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SBI Mutual Fund has been tasked with administrating the backstop fund, which was first proposed by the Securities and Exchange Board of India (SEBI) in 2020 after high-profile defaults rocked the domestic debt market.
Asset managers would contribute 10% of the fund.
The government will provide 90% of the money for the fund, and other asset managers would contribute the rest, deputy managing director D.P. Singh said.
‘Government will provide 90 per cent of the money for the fund and other asset managers would contribute the rest’
Nifty Next 50 Index had 14% weight in Adani group stocks, which nosedived after a report by Hindenburg.Nifty Next 50 Index has gained popularity among investors as it is seen as incubator for emerging blue-chip firms