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-https://www.sebi.gov.in/legal/circulars/jul-2023/resources-for-trustees-of-mutual-funds_74381.html
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