CRISIL on WebNotes

CRISIL Liquid Index

Tue, 19 May 2026 00:00:00 +0000

The CRISIL Liquid Fund Index is the principal Indian benchmark for liquid funds and money-market mutual funds, tracking a basket of short-tenor government securities and high-quality corporate debt instruments. The index is constructed by CRISIL (Credit Rating Information Services of India Limited), India’s largest credit-rating agency and a leading provider of benchmark indices for the Indian debt market.

For Indian retail investors, the CRISIL Liquid Fund Index serves as the standard performance reference for liquid mutual funds. AMCs publish their liquid scheme returns against this benchmark in factsheets and marketing material per TRI benchmarking rules. When evaluating a liquid fund, investors should compare its performance against the CRISIL Liquid Fund Index for fair-context assessment.

How to read PPFAS scheme rating reports

Sun, 17 May 2026 00:00:00 +0000

Three principal rating providers cover Indian mutual funds: Value Research Online , Morningstar India , and CRISIL Risk and Return Analysis. Each uses a different methodology, so the same PPFAS scheme can carry different star ratings simultaneously across the three. PPFAS schemes typically rate well on consistency and risk-adjusted return measures, but ratings shift over time as performance metrics roll forward; a 5-star Value Research rating today is not a permanent label.

CRISIL Composite Bond Fund Index

Tue, 12 May 2026 00:00:00 +0000

The CRISIL Composite Bond Fund Index is a fixed income benchmark published by CRISIL Research, a division of CRISIL Limited (a subsidiary of S&P Global). It is designed to represent the performance of a blended portfolio of government securities and investment-grade corporate bonds with medium-to-long duration profiles, reflecting the mandate of composite or dynamic bond mutual fund schemes in India. The index is used by asset management companies (AMCs) to benchmark debt mutual fund schemes that do not confine themselves to a single maturity segment.

CRISIL Liquid Fund Index

Tue, 12 May 2026 00:00:00 +0000

The CRISIL Liquid Fund Index is a money market benchmark published by CRISIL Research (a division of CRISIL Limited, majority-owned by S&P Global) that represents the return profile of a portfolio of investment-grade money market instruments with residual maturities up to 91 days. As the standard performance benchmark for liquid mutual fund schemes in India, it is the reference index for the single largest category of debt mutual fund by assets under management, tracking instruments that are the closest domestic equivalent to cash.

CRISIL Short-Term Bond Fund Index

Tue, 12 May 2026 00:00:00 +0000

The CRISIL Short-Term Bond Fund Index is a fixed income benchmark published by CRISIL Research (a division of CRISIL Limited, majority-owned by S&P Global) that represents the performance of a blended portfolio of government securities and investment-grade corporate bonds with residual maturities broadly in the 1-3 year range. It serves as the standard benchmark for SEBI-categorised short-duration debt mutual fund schemes, which are required to maintain a Macaulay duration of 1-3 years.

CRISIL Ultra Short-Term Bond Fund Index

Tue, 12 May 2026 00:00:00 +0000

The CRISIL Ultra Short-Term Bond Fund Index is a fixed income benchmark published by CRISIL Research (a division of CRISIL Limited, majority-owned by S&P Global) designed to represent the performance of an investment portfolio with a Macaulay duration of 3-6 months – the precise range mandated by SEBI for the ultra short duration debt mutual fund category. The index bridges the gap between the very short-dated CRISIL Liquid Fund Index (maturity up to 91 days) and the CRISIL Short-Term Bond Fund Index (Macaulay duration 1-3 years).