Regulation 84 - Appointment of trustee - Securities and Exchange Board of India (Mutual Funds) Regulations, 1996

1 [Appointment of trustee. 84 . (1) Notwithstanding anything contained under regulation 7B of these regulations, a debenture trustee may be appointed as a trustee of more than one mutual fund lite. (2) The trustee of a mutual fund lite shall be an independent entity and not an associate of the sponsor or manager of the concerned mutual fund lite asset management company. (3) No debenture trustee shall be eligible to be appointed as a trustee under this Chapter unless it meets the criteria for a fit and proper person specified under the Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993. ] ************** NOTES:- 1. Inserted vide Notification No.SEBI/LAD-NRO/GN/2024/221 dated 16-12-2024 w.e.f. ninetieth day from the date of their publication in the Official Gazette