He was of the view that as far as the performance of the mutual fund industry is concerned, overall, the industry has weathered the pandemic's storm well, which, he said demonstrates the robustness of the regulatory framework as well as the maturity of the industry.

Tyagi also noted that the mutual fund industry, however, also went through several patches of challenges, especially on the debt mutual fund side.

"Some of the issues that arose during the period are now addressed and some are in the process of being addressed. The contemplated policy measures inter-alia include stress testing, minimum asset allocation in liquid assets and a swing pricing like mechanism," he said.

Tyagi said that an expert committee will be constituted to frame a stress testing methodology for all open ended debt mutual fund schemes.