Even as more than a third of mutual funds’ (MFs) debt assets under management (AUM) are exposed to non-banking financial companies (NBFCs), fund managers are curbing fresh flows to commercial papers (CPs) of NBFCs to avoid taking undue risks amid tight liquidity. According to Sebi data, the share of funds deployed to CPs of NBFCs slipped to 8.2 per cent in January. From close to 10 per cent in August — before the IL&FS crisis — the drop has been meaningful. The January number is the lowest for the past six months. Analysts say MFs’ funding towards NBFCs is likely