SEBI Update - Resources for Trustees of Mutual Funds

The Securities and Exchange Board of India (SEBI) has issued a circular, mentioning that trustees of mutual fund standing arrangement with independent firms has to be available on a continuous basis, a confirmation to this effect shall be provided by Trustees in the Half Yearly Trustee Reports submitted to SEBI.

Accordingly, the format for Half Yearly Trustee Report, as provided under Chapter 2 of Formats in the Master Circular, shall stand modified as under:

“72. Compliance with the requirement of standing arrangements with independent firms for special purpose audit and/or to seek legal advice.

73. Any other matter the trustees would like to report to SEBI.”

The provisions of this circular shall be applicable with immediate effect.

Link- View Circular