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of <h1>Sponsor disassociation and replacement in mutual funds: AMC may assume sponsorship; sub-10% share cap and two-thirds independent board required</h1> A sponsor may disassociate from the asset management company and the mutual fund only with the approval of the Board and in the manner specified by the Board, permitting formal disassociation. If the sponsor disassociates, the existing asset management company may assume the role of sponsor subject to conditions specified by the Board, enabling the AMC to become sponsor if compliant; if the AMC does not assume sponsorship, any other entity, including the disassociated sponsor, may become sponsor subject to those conditions, enabling alternative sponsorship; no shareholder in the asset management company may hold ten percent or more of share capital, imposing a sub-10% shareholding cap; and the asset management company's board must comprise at least two-thirds independent directors, requiring an independent-director majority.
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