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In order to augment the liquidity risk management framework for all open ended debt schemes, SEBI has directed that all open ended debt schemes (except overnight fund, liquid fund, gilt fund and gilt fund with 10 year constant duration) shall hold at least 10% of their net assets in liquid assets. For this purpose, liquid assets shall include Cash, Government Securities, T-bills and Repo on Government Securities. In case, the exposure in such liquid assets/securities falls below the abovementioned threshold, the Asset Management Companies shall ensure compliance with the above requirement before making any further investments.