Yes, mutual fund investment in short-term commercial paper of NBFCs and real estate firms has fallen, but not by a very big margin. On the other hand, MF investment in corporate debt of NBFC and real estate companies has either gone up or remained stable.
For instance, in March this year, the share of MF investment in real estate commercial paper as a percentage of total debt was 0.3 per cent. It fell to 0.2 per cent in August and to 0.1 per cent in November. MF investment in NBFC commercial paper in March was 8.3 per cent, rose to 9.8 per cent in August and fell to 9.1 per cent in November.
Corporate debt investment shows a different picture. In March, the share of real estate corporate debt for MFs was 0.5 per cent which rose to 0.6 per cent in November. Fund investment in NBFC paper was 9.3 per cent in March, fell to 7.1 per cent in August and rose to 8 per cent by November.