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TMI BlogEnhancing fund governance for Mutual FundsX X X X Extracts X X X X X X X X Extracts X X X X ..... e for Mutual Funds In order to strengthen the governance structure for Mutual Funds (MFs), it has been decided to implement the following: A. Tenure of independent trustees and independent directors: 1. Regulation 16 (5) and Regulation 21 (1) (d) of SEBI (Mutual Funds) Regulations, 1996 mandate appointment of independent trustees of MFs ( independent trustees ) and independent directors ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ding all preceding years for which such individual has held office). In this respect, the following may be noted: a. Individuals who have held office for less than 9 years (as on date of issuance of this circular) may continue for the residual period of service. b. Individuals who have held office for 9 years or more (as on date of issuance of this circular) may continue for a maximum of 1 y ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e years, the incoming auditor may not include: a. Any firm that has common partner(s) with the outgoing audit firm b. Any associate / affiliate firm(s) of the outgoing audit firm which are under the same network of audit firms wherein the term same network includes the firms operating or functioning, hitherto or in future, under the same brand name, trade name or common control iii. Exi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s issued in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992, read with the provisions of Regulation 77 of SEBI (Mutual Funds) Regulations, 1996, to protect the interests of investors in securities and to promote the development of, and to regulate the securities market. Yours faithfully, Harini Balaji General Manager Te ..... X X X X Extracts X X X X X X X X Extracts X X X X
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