The Securities and Exchange Board of India vide its circular dated 10th August 2020, has decided to provide administrative assistance to trustees of mutual funds in monitoring various activities of asset management companies.
The trustees shall appoint a dedicated officer having professional qualification and minimum 5 years of experience in finance and financial services related field and he shall be an employee of the trustees and directly report to the trustees
Further, trustees shall have standing arrangements with independent firms for special purpose audit and/or to seek legal advice in case of any requirement as identified and whenever considered necessary.
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