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In its recent circular, Securities and Exchange Board of India (SEBI) has asked mutual fund houses to adopt waterfall approach for valuation for debt funds. The market regulator wants Association of Mutual Funds in India to confirm that valuation agencies document waterfall approach for valuation of debt and money market securities. SEBI has introduced broad principles to calculate securities prices. Trade securities should be valued basis the trade yield. Government securities, including T-bills, would be valued based on Volume Weighted Average Yield (VWAY) for trades in the final one hour of trading.