Independent Directors on Boards of AMCs and Trustee Companies

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..... Dear Sirs, Independent Directors on Boards of AMCs and Trustee Companies According to Regulation 16(5), an independent trustee should not be associated in any manner with the sponsor. It was clarified to all mutual funds vide SEBI Circular no MFD/CIR/11/354/2001 dated December 20, 2001 that certain categories of persons cannot be considered as independent directors of .....

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..... e composition of directors does not comply with the requirement of 50% or 2/3rd independent directors of AMC or trustee company and the steps proposed to be taken by you to ensure compliance with the Regulations. Considering the above clarifications, the format for submitting the bio-data of directors of AMCs and trustees to SEBI, as prescribed in the aforesaid Circular dated December 20, .....

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..... use 3 in the aforesaid SEBI circular dated December 20, 2001 pertaining to cooling off period shall be applicable in the above cases also. The above clarifications are being issued in accordance with the provisions of Regulation 77 of SEBI (Mutual Funds) Regulations, 1996. Yours faithfully, P. K. NAGPAL - Circular - Trade Notice - Public Notice - Instructions - .....

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