Sponsor disassociation from mutual funds requires Board approval and triggers sponsorship, shareholding, and board independence conditions. A sponsor may disassociate from an asset management company and the mutual fund only with Board approval and in the manner specified by the Board; thereafter the existing AMC may act as sponsor subject to Board conditions, or failing that, any other entity including the disassociated sponsor may become sponsor subject to Board conditions; additionally, no shareholder in the AMC shall hold ten percent or more of shareholding and the AMC board must comprise at least two-thirds independent directors.