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of <h1>Regulation 22: Asset Management Directors Need Approval for Dual Roles, Must Notify Changes to Unitholders and Trustees.</h1> Regulation 22 of the SEBI (Mutual Funds) Regulations, 1996 outlines conditions for asset management companies. Directors cannot hold similar positions in another company unless they are independent and approved. Any material changes must be reported to the Board, and director appointments need trustee approval. Changes in control require trustee and Board approval, notification to unitholders, and public advertisement. Unitholders must be given an exit option at current NAV without exit load. The company must provide requested information to trustees. Amendments have refined these conditions, including changes in control and communication requirements.
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