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<h1>Mutual fund trust deeds must protect investors, include specific clauses, and can't indemnify negligence per SEBI Regulations 1996.</h1> The trust deed for a mutual fund must include clauses specified in the Third Schedule and any additional clauses necessary to protect unit holders' interests. It must not contain clauses that limit or extinguish the trust's obligations and liabilities towards the mutual fund or unit holders. Additionally, the trust deed cannot indemnify trustees or asset management companies for losses or damages caused to unit holders due to their negligence or wrongful acts. These regulations ensure accountability and protect investors within the framework established by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996.