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SEBI, in consultation with the working group constituted by Mutual Fund Advisory Committee, has decided to set up a Limited Purpose Clearing Corporation (LPCC) for clearing and settling repo transactions in corporate debt securities by contributing an amount of Rs. 150 crore by AMCs. The underlying objective is the development of the corporate bond market from the perspective of mutual funds. Accordingly, it has been decided that AMCs shall contribute Rs. 150 crore towards share capital of LPCC in proportion to the AUM of open ended debt oriented mutual fund schemes managed by them.