Rights and obligations of the trustees

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....ll contain such clauses as may be specified by the Board and such other clauses as are necessary for the purpose of making investments. (3) The trustees shall be accountable for, and be the custodian of, the funds and property of the respective mutual fund lite schemes and shall hold the same in trust for the benefit of the unitholders in accordance with this chapter and the provisions of trust....

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....erest of the unitholders, they shall forthwith take such remedial steps, as are necessary and shall immediately inform the Board of such conduct and the action taken by them. (8) The trustees shall periodically review the status of unit holders' complaints and the redressal of the same by the mutual fund lite asset management company. (9) The trustee shall provide consent in case of change i....

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....the Board in the interest of the unitholders; or (b) whenever required to do so on the requisition made by three-fourths of the unitholders of any mutual fund lite scheme; or (c) when the majority of the trustees decide to wind up a scheme in terms of clause (a) of sub regulation (2) of regulation 39 or prematurely redeem the units of a close ended scheme. (14) The trustees sh....

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....d from the mutual fund lite asset management company regarding the investments by the mutual fund lite in the securities of group companies of the sponsor. (19) The trustee shall ensure that the trust property is properly protected, held and administered by proper persons and by a proper number of such persons. (20) The trustees shall also exercise due diligence on such matters as may be spe....