Illustrative Roles and Responsibilities of Trustees

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..... to the trustees including: a) List of unitholders on quarterly basis; b) Shareholding of REIT in SPV, HoldCo and Investment entity and changes if any on a quarterly basis; c) Confirmation on compliance with leverage limit on a quarterly basis and at the time of acquisition and disposal of assets; d) Trustee may request for due diligence report or such other information in respect of any acquisition; e) Net worth compliance certificate from manager on a half yearly basis; f) Net worth compliance certificate of sponsor and manager from practicing Chartered Accountant on an annual basis; and g) Confirmation on the details of unclaimed distributions till the previous quarter. iii. The trustee shall ensure that the distribution of .....

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..... est of the unitholders; ii. ensure that there is no conflict of interest between the manner of deployment of its net worth by the manager and the interest of the unitholders; iii. ensure that the manager manages the REIT and schemes of SM REIT independently of other activities and have taken adequate steps to ensure that the interest of investors of one scheme of SM REIT are not being compromised with those of any other scheme of SM REIT or of other activities of the REIT or the Manager; and iv. abide by the Code of Conduct as specified in the Schedule VI of these regulations. 7. Auditing and Financial Review: The trustee shall: i. be accountable for, and be the custodian of, the funds and property of the respective REIT and .....

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..... d) review the activity of the REIT on a quarterly basis and place the report of the same before their Board of directors; e) consider the reports of the auditor and compliance reports of manager at their board meetings for appropriate action; f) maintain records and minutes of the Board of directors' meetings of the trustee for the review of information pertaining to the REIT; g) prescribe and adhere to a code of ethics by the trustee, manager and its personnel; and h) communicate in writing to the manager of the deficiencies and check on necessary measures taken by manager for the rectification of deficiencies. ii. The trustee shall also exercise due diligence on such matters as may be specified by the Board from time to ti .....

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