However, on a review it was found to be not as useful as was expected and is being given up. Gilt Mutual Funds Mutual funds dedicated almost exclusively to investments in Government Securities called Gilt Mutual Funds were established in India in April 1996. Currently, there are 13 such mutual funds in the country.
Alongside the equity market, the South African bond market is also formalised in the form of the Bond Exchange of South Africa (Besa), which was established 10 years ago, in 1996.