@BB789 i too find that humor/sarcasm do often come in the way of a serious discussion to understand different/opposing views.
In this case i believe it is simply a bunch of us talking past each other about different aspects in this single topic-thread.
OP and others in this thread are focused on specific near-zero risk debt instruments (2 specific Liquid ETFs that OP shared) and not the debt class in general that you are highlighting the risk in.
@BB789 If your point is that debt has its own set of risks associated with it, i don’t think anyone is arguing against that. Similarly, i believe you aren’t claiming that the couple of risks you highlighted with debt class are relevant in case of the 2 Liquid ETFs that OP mentioned. Right? 
Since the previous comment is posed as a comparison between F&O and debt,
resorting to the following responses along the same lines to the various risks highlighted…
Isn’t risk1 above also always present with most investments (Equity, F&O) as there are always some intermediaries involved?
Is there a independent specific risk with concentrating in Debt?
(apart from that it can lead to risks 1 and 3)
Otherwise, sure, concentrating into any asset (or asset class) is a risk.
Not something unique to Debt.
What’s subtle about it?
Sounds pretty much like the portion of profitable traders in F&O
who cannot beat risk-free rate of return of a zero-risk passive investment lie a GSEC.
Note: I couldn’t read either of the 2 valueresearchonline articles posted above as they appear to behind a login. If possible, please share the contents (text/screenshots) of the same in the above comment/post. Thanks.
Reading the 3rd article, not sure if it is especially relevant to the OP / this thread, as the focus is not on making any positive real returns from debt over a short period (near future), but to simply park in most liquid and reliable asset to react to a changing equity market.
(PS: i don’t think OP or anyone will succeed in such an endeavor to time the market.
But that’s what they are trying.)
Also,
the generally true observation that returns from debt usually do not beat inflation,
is it currently true for the near immediate future?
Right now, we are in a period of relatively lower inflation
that even post tax returns of certain sovereign debt can beat.
Since the sums involved for OP (upto 60L) exceed DICGC insured limits (5L),
it might not be straightforward to simply “stick it into an SB account” without additional risk.
At the very least, OP might have to rely on accounts at a half a dozen or so DICGC insured banks.
Are there enough such banks that offer savings-bank deposit interest of 5-6% ?
(i.e. to beat the current returns from the 2 Liquid ETFs being considered earlier in the thread)
IIRC, some banks may offers such rates on fixed-deposits.
However that introduces some risk of liquidity.
If in the near future,
OP is expecting to be able to liquidate their current holdings and invest in equity markets within minutes,
i.e. when they spot an opportunity,
then a FD (even a digital one) might not meet their requirement.
On the other hand, if OP is OK with a delay of a day (or two),
(to prematurely withdraw an FD and subsequently move the cash into their trading account)
then probably digital FDs at a couple of DICGC insured banks
is something they can add into the mix, and diversify they “parked” funds.