A mutual fund that invests only in money markets such as commercial papers, commercial bills, and treasury bills certificate of deposit and other instruments specified by RBI. These funds have a minimum lock-in period of 15 days. Till recently, the RBI regulated money market funds but they now come under SEBI.

 A Mutual Fund (MF) is a form of trust that pools the funds of a whole lot of investors to make more money by investing in an array of financial instruments.