Debt mutual funds have increased exposure to safer instruments in recent months. SEBI data shows the share of government securities held by debt funds increased by six percentage points over the last year. Meanwhile, schemes cut the exposure to corporate debt. SEBI's new liquidity framework mandated debt funds to maintain at least 10 percent of their portfolio value in liquid assets such as repo and g-secs. Many funds preferred adding g-secs. Second, mutual funds seemed to have taken lessons from the series of credit events that impacted their performance in the past. They have reduced exposure to relatively risky corporate debt and increased g-sec allocation.