Independent Directors on Boards of AMCs and Trustee Companies

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..... ording 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 implementing the regulation in letter and spirit and improvin .....

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..... 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: 1. The following new sub-clauses 4 and 5 ma .....

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