Rights and obligations of the trustees

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....mpany. (c) A copy of the draft investment management agreement shall be enclosed with the trust deed. (d) The trustees shall ascertain that the asset management company has the necessary expertise, internal control systems and risk management mechanism to invest and mange assets of the mutual fund. (e) The trustees shall ensure that the asset management company establishes systems and submits reports and information that the trustees may require in discharging their responsibility under these regulations including matters relating to: (i) prevention and oversight of mis-selling; (ii) prevention and oversight of undue influence of sponsor; (iii) ensuring adequate systems are in place to p....

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.... (b) ensuring that the asset management company does not grant unfair advantage to its associates or engage in transactions that may prejudice the interests of unitholders; (c) ensuring that the asset management company manages each mutual fund scheme independently of its other business activities, and adopts safeguards to ensure fair and equitable treatment of investors across all schemes, without compromising the interests of one scheme for another or for its other businesses; and (d) approving broker empanelment policy of the asset management company and ensuring that brokers are empaneled after requisite due diligence, and that broker transactions are monitored to avoid undue concentration of business or unfair ad....

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.... decide to wind up a scheme or prematurely redeem units of a closed-ended scheme. (c) The trustees shall request details of securities transactions by key personnel of the asset management company, whether made in their own name or in the name of the asset management company, and report to the Board when required. (d) The trustees shall periodically review investor complaints and their resolution by the asset management company. (e) The trustees shall appoint auditor, who is not in any manner associated with the auditor of the asset management company, for audit of annual statement of accounts of mutual fund schemes. (f) The trustees shall submit to the Board on a half-yearly basis (i) a report o....

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.... the directors on the Board of the asset management company. (ii) The trustees shall review the desirability or continuance of the asset management company if substantial irregularities are observed in any of the schemes of the mutual fund, and shall not permit the asset management company to float new schemes until such irregularities are resolved. (iii) The trustees shall ensure that the trust property is adequately protected, held and administered by persons with necessary expertise and experience, and in a manner that ensures adequate oversight through an appropriate number of such persons. (iv) The trustees shall ensure that all service providers engaged for mutual fund related services are holding appropriat....