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TMI BlogRights and obligations of the trusteesX X X X Extracts X X X X X X X X Extracts X X X X ..... ealt with any of the associates of the asset management company in any manner detrimental to interest of the unitholders. (7) The trustees shall ensure that the transactions entered into by the asset management company are in accordance with these regulations and the scheme. (8) The trustees shall ensure that the asset management company has been managing the mutual fund schemes independently of other activities and have taken adequate steps to ensure that the interest of investors of one scheme are not being compromised with those of any other scheme or of other activities of the asset management company. (9) The trustees shall ensure that all the activities of the asset management company are in accordance with the provisions of these regulations. (10) Where the trustees have reason to believe that the conduct of business of the mutual fund is not in accordance with these regulations and the scheme they shall forthwith take such remedial steps as are necessary by them and shall immediately inform the Board of the violation and the action taken by them. 4[(11) Each trustee shall file the details of his transactions of dealing in securities with the Mutual Fund on a quarterly ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f interest between the manner of deployment of its networth by the asset management company and the interest of the unit- holders. (21) The trustees shall periodically review the investor complaints received and the redressal of the same by the asset management company. (22) The trustees shall abide by the Code of Conduct as specified in 10[PART-A of] the Fifth Schedule. (23) The trustees shall furnish to the Board on a half-yearly basis,- (a) a report on the activities of the mutual fund; (b) a certificate stating that the trustees have satisfied themselves that there have been no instances of self-dealing or front running by any of the trustees, directors and key personnel of the asset management company; (c) a certificate to the effect that the asset management company has been managing the schemes independently of any other activities and in case any activities of the nature referred to in 13[clause (b)] of regulation 24 have been undertaken by the asset management company and has taken adequate steps to ensure that the interests of the unitholders are protected. 8[(24) The independent trustees referred to in sub-regulation (5) of regulation 16 shall give their comments ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and the compensation paid under the agreement, (ii) service contracts with 14[associates]-whether the asset management company has charged higher fees than outside contractors for the same services, (iii) selections of the asset management company's independent directors, (iv) securities transactions involving 14[associates] to the extent such transactions are permitted, (v) selecting and nominating individuals to fill independent directors vacancies, (vi) code of ethics must be designed to prevent fraudulent, deceptive or manipulative practices by insiders in connection with personal securities transactions, (vii) the reasonableness of fees paid to sponsors, asset management company and any others for services provided, (viii) principal underwriting contracts and their renewals, (ix) any service contract with the associates of the asset management company.] ************* NOTES:- 1 Substituted by the SEBI (Investment Advise by Intermediaries) (Amendment) Regulations, 2001, w.e.f. 29-5-2001. Prior to its substitution, clause (d) read as under; "(d) appointed a compliance officer to comply with regulatory requirement and to redress investor grievances;" 2 Inserted by S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... paper published in the language of region where the Head Office of the mutual fund is situated; and (ii) the unitholders are given an option to exit at the prevailing Net Asset Value without any exit load.] 7 Substituted for 'continuously' by the SEBI (Mutual Funds) (Amendment) Regulations, 1998, w.e.f. 12-1-1998. 8 Inserted by the SEBI (Mutual Funds) (Amendment) Regulations, 1998, w.e.f. 12-1-1998. 9 Inserted by the SEBI (Mutual Funds) (Amendment) Regulations, 1999, w.e.f. 8-12-1999. 10. Inserted vide Notification No. SEBI/LAD-NRO/GN/2020/39 dated 29-10-2020 11. Inserted vide Notification No. SEBI/LAD-NRO/GN/2021/08 dated 04-02-2021 w.e.f. 30th day from the date of their publication in the Official Gazette, that is 04-02-2021 12. Substituted vide Notification No. SEBI/LAD-NRO/GN/2021/08 dated 04-02-2021 w.e.f. 30th day from the date of their publication in the Official Gazette, that is 04-02-2021 before it was read as "(18) The trustees shall 7[quarterly] review the networth of the asset management company and in case of any shortfall, ensure that the asset management company make up for the shortfall as per clause (f) of sub-regulation (1) of regulation 21.&quo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... LAD-NRO/GN/2023/134 dated 26-06-2023 w.e.f. 01-01-2024 before it was read as,
"be responsible for the calculation of any income due to be paid to the mutual fund and also of any income received in the mutual fund for the holders of the units of any scheme"
20.
Substituted vide Notification No. SEBI/LAD-NRO/GN/2023/134 dated 26-06-2023 w.e.f. 01-01-2024 before it was read as,
"(15A) The trustees shall ensure that no change in the fundamental attributes of any scheme or the trust or fees and expenses payable or any other change which would modify the scheme and affects the interest of unitholders, shall be carried out unless,-"
21.
Substituted vide Notification No. SEBI/LAD-NRO/GN/2023/134 dated 26-06-2023 w.e.f. 01-01-2024 before it was read as,
"(19) The trustees shall periodically review all service contracts such as custody arrangements, transfer agency of the securities and satisfy itself that such contracts are executed in the interest of the unitholders."
22.
Inserted vide Notification No. SEBI/LAD-NRO/GN/2023/134 dated 26-06-2023 w.e.f. 01-01-2024
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