Duties of trustees require oversight of asset managers, controls, reporting and buybacks when units trade at steep discount. Regulation 49I requires trustees of real estate mutual fund schemes to ensure the asset management company has necessary expertise, internal controls and risk management; to monitor due diligence; to ensure only permissible investments and banking channel transactions; to set criteria for broker empanelment and transaction procedures; to require systems and reports from the asset manager for effective monitoring and to confirm compliance in half yearly reports; to review unit market prices and recommend proportionate buybacks for steep discounts disclosed in the offer document; and to obtain prior in-principle stock exchange approval where required.