Debt funds invest as per the investment mandate available in fund documents like the Scheme Information Document (SID). They are also governed by the SEBI classification on debt funds which has led to 18 categories of debt mutual funds. Unfortunately, many debt fund categories are loosely defined, like say Low Duration, which has the potential of drift in the risk dimension that is not tightly specified by SEBI. The onus is on the investor to continuously monitor the portfolio disclosure statement of their debt funds to ensure that the fund invests as per their requirement and understanding of risk.