JP Morgan India Amtek Auto incident (2015)

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

The JP Morgan India Amtek Auto incident of August 2015 was the first instance in Indian mutual fund history in which an asset management company unilaterally suspended redemptions from open-end debt schemes following a credit event. JP Morgan Asset Management (India) Private Limited restricted redemptions from its India Short Term Income Fund and India Treasury Fund after Amtek Auto Limited’s non-convertible debentures (NCDs) held in those schemes were downgraded to below-investment grade, triggering an immediate write-down of NAV and a liquidity crisis within the funds. The episode preceded the more systemic IL&FS default of 2018 and Franklin Templeton winding-up of 2020 but established many of the procedural and regulatory questions those later crises would reopen at far larger scale.

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JP Morgan India Amtek Auto incident (2015)