Related party investment controls tightened: new caps, reporting and independent trustee oversight requiring disclosure and de materialised settlement. SEBI amended the Mutual Funds Regulations to strengthen governance and related party controls: ''group'' is defined; applicants and asset management companies must be 'fit and proper'; two thirds of trustees must be independent and must comment on sponsor group investments. Limits and reporting obligations restrict dealings through sponsor associated brokers, cap investments in group companies across schemes, prohibit unlisted and privately placed associate securities, require quarterly trustee reports and enhanced scheme disclosures, mandate de materialised settlement for large funds, and permit securities lending under the Board's scheme.
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Provisions expressly mentioned in the judgment/order text.
Related party investment controls tightened: new caps, reporting and independent trustee oversight requiring disclosure and de materialised settlement.
SEBI amended the Mutual Funds Regulations to strengthen governance and related party controls: ''group'' is defined; applicants and asset management companies must be "fit and proper"; two thirds of trustees must be independent and must comment on sponsor group investments. Limits and reporting obligations restrict dealings through sponsor associated brokers, cap investments in group companies across schemes, prohibit unlisted and privately placed associate securities, require quarterly trustee reports and enhanced scheme disclosures, mandate de materialised settlement for large funds, and permit securities lending under the Board's scheme.
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