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of <h1>Appointment of debenture trustees for multiple mutual fund lite schemes requires independent, fit-and-proper qualified trustees with adequate infrastructure</h1> A debenture trustee may be appointed as trustee of more than one mutual fund lite, permitting the same trustee to serve multiple funds. The trustee must be an independent entity and not an associate of the sponsor or manager of the relevant mutual fund lite asset management company, preventing affiliation-based conflicts. No debenture trustee is eligible unless it satisfies the fit-and-proper criteria specified under the Debenture Trustees Regulations, 1993, thereby restricting appointments to qualified trustees. The trustee must possess satisfactory wherewithal in infrastructure, personnel and systems for proper discharge of duties, ensuring operational capability to perform statutory functions.
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