Independent Directors on Boards of AMCs and Trustee Companies

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....nt Directors on Boards of AMCs and Trustee Companies According to Regulation 16(5), an independent trustee should not be associated in any manner with the sponsor. It was clarified to all mutual funds vide SEBI Circular no MFD/CIR/11/354/2001 dated December 20, 2001 that certain categories of persons cannot be considered as independent directors of AMCs and trustee companies. With a view to ....

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....ement of 50% or 2/3rd independent directors of AMC or trustee company and the steps proposed to be taken by you to ensure compliance with the Regulations. Considering the above clarifications, the format for submitting the bio-data of directors of AMCs and trustees to SEBI, as prescribed in the aforesaid Circular dated December 20, 2001, may please be revised by including the following clauses:....