One may point out that this may be difficult to comply with since NAV is a dynamic figure. However, the advantages that could result from complying far outweigh the minor operational difficulties that fund managers may face. The panel also suggested that debt-oriented funds restrict investments in instruments issued by a single issuer to 15 per cent of the scheme's NAV. Though one may complain of a dearth of good quality instruments in the country, such a restriction is welcome. Most fund managers have been ensuring adequate diversification even without such regulations. Besides, no restriction has been suggested as far as investment ingovernment debt instruments is concerned. These limits will apply to balanced funds as well but the panel has made the necessary concessions for index funds. The investment-related suggestions in unlisted firms and relaxation of the need to obtain consent of three-fourths of unit holders in case of change in control or fundamental attributes also seem to be perfectly in order. What is perhaps not in order is the restriction on investment in non-rated debt securities. Many sound firms don't get their instruments rated. The absence of rating in such cases does not reflect poorly on the instruments' quality. While credit-rating may be important for small investors who do not have resources to gauge an instrument's quality, it is not so for institutional investors who employ qualified professionals.