Resources for Trustees of Mutual Funds
Summary
The circular mandates that Trustees of Mutual Funds maintain standing arrangements with independent firms for special purpose audits and legal advice. It requires Trustees to confirm the continuous availability of these arrangements in their Half Yearly Trustee Reports submitted to SEBI. The format for the Half Yearly Trustee Report is modified to include specific compliance declarations regarding these standing arrangements.
Text
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.
A confirmation to this effect shall be provided by Trustees in the Half Yearly Trustee Reports submitted to SEBI.
The provisions of this circular shall be applicable with immediate effect.
Source: SecMarx — Resources for Trustees of Mutual Funds. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.