A DCM or discount control mechanism is a policy put in place by a <a title="Board" href="https://quoteddata.com/glossary/board/">Board</a> in an effort to control the <a title="Discount" href="https://quoteddata.com/glossary/discount/">discount</a> on an <a title="Investment company" href="https://quoteddata.com/glossary/investment-company/">investment company</a>. Discount control mechanisms come in different forms. Many are promises to buy back shares if the discount exceeds a certain level in normal market conditions. Some measure the discount over a period and if the average discount exceeds a certain level this may trigger a tender offer, a continuation vote or even a liquidation vote.