MUMBAI, Aug 23 (Reuters) - India's debt mutual fund managers need to be vigilant and appropriately value their investments in corporate papers, even as a bulk of the money comes from institutional investors, the chief of the country's market regulator said on Thursday.
"It is for the mutual fund industry which bears the credit risk," said Ajay Tyagi, Chairman, Securities and Exchange Board of India (SEBI).
"Issue is in their books when they hold these debt instruments, either long term or short term, they have to be cautious of credit risk and how to value that on their books."
Of the total 12.3 trillion rupees assets under management at debt funds, 11.5 trillion rupees is from non-retail investors, Tyagi added.