Trustees' oversight duties ensure asset management compliance and protection of unitholder interests through monitoring and due diligence. Trustees must oversee and safeguard mutual fund schemes by contracting and supervising the asset management company, obtaining necessary information, ensuring compliance with the trust deed and regulations, protecting scheme property, monitoring broker empanelment and related-party dealings, conducting periodic reviews (including audits, compliance certificates and networth checks), prompting remedial action and regulatory reporting for violations, securing unitholder consent for prescribed fundamental changes, filing trustees' dealings, and furnishing periodic reports and certifications while being protected from liability when acting in good faith with adequate due diligence.