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of <h1>SEBI Updates Roles for Trustees and AMC Boards: Ensuring Fair Fees, Compliance, and Unit Holder Protection Effective Jan 2024.</h1> The circular outlines the roles and responsibilities of Trustees and board of directors of Asset Management Companies (AMCs) for mutual funds, as per SEBI's updated regulations. Trustees must ensure fairness in AMC fees, review AMC performance, prevent conflicts of interest, and ensure compliance with regulations. AMCs must establish systems for due diligence and reporting. Trustees can rely on third-party firms for non-core responsibilities. The Unit Holder Protection Committee (UHPC) is tasked with safeguarding unit holder interests and compliance. AMC boards must meet annually with Trustee boards. These measures take effect from January 1, 2024.
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