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of <h1>SEBI Regulation 79 Defines 'Mutual Funds Lite' and Trustee Roles for Eligible Passive Schemes Transition</h1> Regulation 79 of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, defines key terms related to 'Mutual Funds Lite' (MF Lite). A 'trustee' is a debenture trustee registered under the SEBI Debenture Trustees Regulations, 1993, and may continue as trustee when an existing sponsor transfers eligible passive schemes to an MF Lite. 'Mutual Fund Lite' refers to a mutual fund registered under this chapter, comprising specific index funds, exchange-traded funds, or other schemes specified by SEBI. An 'MF Lite asset management company' is an approved entity managing an MF Lite, while an 'MF Lite scheme' includes any scheme launched by or specified for an MF Lite.
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