SEBI allows mutual funds for deposit compliance by advisers and analysts:

The Securities and Exchange Board of India (SEBI) has permitted Investment Advisers (IAs) and Research Analysts (RAs) to meet their mandatory deposit requirements using liquid and overnight mutual funds, in addition to scheduled bank deposits. Overnight mutual funds, which invest in one-day maturity debt instruments, offer an alternative for fulfilling compliance obligations. These deposits are marked as a lien in favour of the relevant supervisory body — IAASB for advisers and RAASB for analysts.