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    <description>Regulation 79 defines Mutual Fund Lite as a registered mutual fund confined to index funds, exchange traded funds, fund of funds or other passive schemes specified by the Board; it defines the MF Lite AMC as the approved asset management company and the MF Lite scheme as schemes launched by such funds or other eligible passive schemes. It defines trustee as a registered debenture trustee and includes a proviso permitting an MF Lite AMC to appoint an existing mutual fund trustee when eligible passive schemes are transferred to an MF Lite under regulation 82.</description>
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