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MF trustees can have officer for administrative help by Jan 1
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SME Times News Bureau | 24 Sep, 2020
The Securities and Exchange Board of India (SEBI) has deferred, till
January 1, 2021, the timeline for appointment of dedicated officers for
administrative assistance to trustees in monitoring various activities
of asset management companies (AMCs).
Last month, the SEBI issued
guidelines to provide administrative assistance to trustees in
monitoring various activities of AMCs and asked Mutual Fund trustees to
appoint a dedicated officer having professional qualifications and a
minimum five years of experience in finance and financial
services-related fields by October 1.
"Upon consideration of the
subsequent representation received from the AMFI, it has been decided
that compliance of the aforesaid circular shall be applicable from
January 1, 2021," the SEBI said in a statement on Wednesday.
In
its August circular, the securities market regulator had said that in
its interactions with the trustees, it had received feedback seeking
provisions for administrative assistance to trustees in monitoring
various activities of the AMCs.
"The officer so appointed, shall
be an employee of the trustees and directly report to the trustees. The
scope of work for the said officer shall be specified by trustees from
time to time to support the role and responsibilities of the trustees,"
it had said.
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.
The regulator said that the trustees shall continue
to be liable for discharge of various fiduciary responsibilities as cast
upon them in the SEBI (Mutual Funds) Regulations, 1996.
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