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In reference to participation of mutual funds in Exchange Traded Commodity Derivatives (ETCDs), SEBI has clarified that certain exposures shall not be considered in the cumulative gross exposure, firstly short position in ETCDs not exceeding the holding of the underlying goods received in physical settlement of ETCD contracts and secondly short position in ETCDs not exceeding the long position in ETCDs on the same goods. It has also clarified that mutual funds shall not write options, or purchase instruments with embedded written options in goods or on commodity futures.