It has been decided that the valuation of AT-1 Bonds by Mutual Funds shall be based on Yield to Call.
For all other purposes, since liquidity risk of perpetual bonds is required to be suitably captured, deemed maturity of all perpetual bonds shall continue.
Link – https://www.sebi.gov.in/legal/circulars/aug-2024/valuation-of-additional-tier-1-bonds_85470.html