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of <h1>Sponsor or Trustee Must Appoint Approved Asset Management Company; Changes Require Board and Unit Holder Approval per 1996 Regulations.</h1> Under the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, the sponsor or trustee, if authorized by the trust deed, must appoint an asset management company approved by the Board. The termination of the asset management company's appointment requires either a majority decision by the trustees or approval by seventy-five percent of the scheme's unit holders. Any changes in the appointment must receive prior approval from both the Board and the unit holders.
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