Governance reforms for InvIT investment managers impose board composition, auditing, disclosure and compliance obligations. Amendments clarify definitions of change in control, independent director and Senior Management; restrict auditor tenure and require limited reviews of consolidated entities; mandate transfer of unclaimed distributions to an Investor Protection and Education Fund; treat overnight mutual fund investments as cash equivalents excluded from InvIT asset value; and impose governance, compliance and disclosure obligations on investment managers, including minimum board composition, quarterly compliance reviews, a vigil mechanism, secretarial compliance reporting and specified board information and compliance certificates as set out in Schedule VII.
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Governance reforms for InvIT investment managers impose board composition, auditing, disclosure and compliance obligations.
Amendments clarify definitions of change in control, independent director and Senior Management; restrict auditor tenure and require limited reviews of consolidated entities; mandate transfer of unclaimed distributions to an Investor Protection and Education Fund; treat overnight mutual fund investments as cash equivalents excluded from InvIT asset value; and impose governance, compliance and disclosure obligations on investment managers, including minimum board composition, quarterly compliance reviews, a vigil mechanism, secretarial compliance reporting and specified board information and compliance certificates as set out in Schedule VII.
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