Regulation 17 - Approval of the Board for appointment of trustee - Securities and Exchange Board of India (Mutual Funds) Regulations, 1996

Approval of the Board for appointment of trustee 17. (1) No trustee shall initially or any time thereafter be appointed without prior approval of the Board. 1 [***] (2) The existing trustees of any mutual fund may form a trustee company to act as a trustee with the prior approval of the Board. ************ NOTES:- 1 Omitted by the SEBI (Mutual Funds) (Third Amendment) Regulations, 1998, w.e.f.12-1-1998. Prior to omission, regulation 17(1) proviso read as under; Provided further that if any trustee resigns or retires, a new trustee shall be appointed within a period of three months with the prior approval of the Board.