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Securities and Exchange Board of India’s (SEBI) chairman has suggested mutual fund companies to be more proactive instead of waiting for the capital market regulator to intervene while spotting lapses, media reports. He has asked AMCs to be more vigilant while dealing with high-yielding debt instruments and to be careful when choosing returns over safety. These comments have come in the wake of the recent defaults and downgrades of debt papers of Essel group and Dewan Housing Finance Corporation (DHFL).