relevant in todays contextthe constitution says it must be appointed every five years convention has it that finance commissions give their awards for five years today economy and geopolitics change very quickly and making projections for five years is fraught with uncertainty the finance commission must not be selfperpetuating but the discontinuity between two commissions and inability for course correction when projections going wrong are issues that need attention instrument treatment of at1 bonds was discussed in the mutual fund advisory committee where several members of amfi participated it said the trade body fully supported the need and spirit of sebi circular in capping exposure to at1 bonds it also supported sebis objective of fair valuation however amfi was in discussion with sebi to further smoothen the process of implementation of this circular