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of <h1>SEBI Circular Mandates Independent Directors on AMC Boards, Clarifies Classification, and Updates Bio-Data Submission Format for Governance.</h1> The circular issued by SEBI emphasizes the requirement for independent directors on the boards of Asset Management Companies (AMCs) and trustee companies. It clarifies that individuals providing professional services or having significant financial relationships with mutual funds, AMCs, trustee companies, or sponsors should be classified as associate directors, not independent directors. Mutual funds must assess their current board compositions to ensure compliance with regulations mandating a certain percentage of independent directors. The circular also updates the format for submitting directors' bio-data to SEBI, requiring disclosures about professional services and financial relationships. These measures aim to enhance corporate governance in mutual funds.
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