Business restrictions on mutual fund lite asset management companies limit activities to passive advisory services and require conflict disclosures. A mutual fund lite asset management company may not act as trustee and must limit its business to advisory services for pooled assets in respect of passive investments. It may undertake permitted activities itself or via subsidiaries only if it ensures no material conflict of interest across activities, discloses absence or existence of conflicts to trustees and unit holders in the scheme information document and statement of additional information, details sources and potential material risk where conflicts are unavoidable, and guarantees independence of key personnel by removing direct links between remuneration and revenues from the activity.