TMI BlogAlignment of interest of Key Employees of Asset Management Companies (AMCs) with the Unitholders of the Mutual Fund SchemesX X X X Extracts X X X X X X X X Extracts X X X X ..... al Funds/ Association of Mutual Funds in India (AMFI) Sir/Madam, Subject: Alignment of interest of Key Employees of Asset Management Companies (AMCs) with the Unitholders of the Mutual Fund Schemes 1. While SEBI has taken steps to standardize the scheme categories and characteristics of each category, the management of risk return profile of the schemes rests with the AMCs and the Ke ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ds, Overnight Funds and existing close ended schemes shall be excluded. b. paid proportionately over 12 months on the date of payment of such salary/ perks/ bonus/ non-cash compensation. In case of compensation paid in the form of employee stock options, the date of exercising such option shall be considered as the date of such payment. c. locked-in for a minimum period of 3 years or tenure ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cy laid down by the AMC. v. No redemption of such units shall be allowed within the lock-in period in case of resignation or retirement before attaining the age of superannuation as defined in the AMC service rules. However, in case of retirement on attaining the superannuation age, such units shall be released from the lock-in and the Key Employee shall be free to redeem the units, except for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the AMC. 5. Key Employees: Key Employees of the AMCs shall include: i. Chief Executive Officer (CEO), Chief Investment Officer (CIO), Chief Risk Officer (CRO), Chief Information Security Officer (CISO), Chief Operation Officer (COO), Fund Manager(s), Compliance Officer, Sales Head, Investor Relation Officer(s) (IRO), heads of other departments, Dealer(s) of the AMC; ii. Direct re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7 of SEBI (Mutual Funds) Regulations, 1996 , to protect the interests of investors in securities and to promote the development of, and to regulate the securities market. Yours faithfully, Divya Kulshrestha Deputy General Manager Tel no.: 022-26449357 Email: divyam@sebi.gov.in - Circular - Trade Notice - Public Notice - Instructions - Office orders Tax Management Ind ..... X X X X Extracts X X X X X X X X Extracts X X X X
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