TaxTMI 
TaxTMI 
Independent Directors on Boards of AMCs and Trustee Companies.
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....ith a view to implement the regulations in this regard in letter and spirit, the following clarifications are being issued. 1. According to Regulation 16(5), an independent trustee should not be associated in any manner with the sponsor. It is clarified that relatives (as defined in the Companies Act) of sponsor or directors of the sponsor company or relatives of associate directors of the AMCs and trustee companies shall be considered as associate directors. 2. The nominees of the companies who are stakeholders in the sponsor company or AMC (even if they are not deemed sponsors by virtue of holding less than 40% of net worth of AMC), shall be considered as associate directors. 3. A person who is an "associate" in accordance with d....
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....(A)(i) of SEBI (Mutual Funds) Regulations, 1996 which requires the trustees to be discerning in the appointment of the directors on the Board of the asset management company. Further, under Regulations 18(27)(iii) and (v), the independent directors of the trustee or asset management company are required to pay specific attention to the selection and nomination of individuals to fill the vacancies of independent directors. Considering the above clarifications and provisions in the Regulations, the format for sending the bio-data of directors of AMCs and trustees to SEBI has been revised and is enclosed herewith. You are advised to use this format in the future while sending the bio-data of the new directors of AMC or trustee company for o....
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....; Particulars of Present Directorship and Trusteeship. Organisation Name Any association with the sponsor Position held Nature of job responsibilities Period From-To VI. Relationship with Sponsor or AMC : 1. Are you associated with the sponsors or with any of its associate companies in any manner during the last 3 years (Please see SEBI Circular dated December 20, 2001) ? 2. Are you relative of sponsor or any of the directors of t....
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....roceedings also). VI. Other Details : Achievements, Awards, Publications, etc. VII. Declaration : I affirm that all the information given above is true and complete to the best of my knowledge and belief. I have been adequately briefed on my responsibilities and duties under SEBI (Mutual Funds) Regulations, 1996 and agree to abide by the same. Regarding the information contained within paras VI and VII above, SEBI would be informed immediately on any changes. Signature Name (New/Proposed Director) Date: Place: For use of Trustees: 1. Mr./Ms. ....... who is appointed/proposed to be appointed as a director of AMC/Trustee C....