The Securities and Exchange Board of India (SEBI) on July 26, 2023, issued a circular regarding the Resources for Trustees of Mutual Funds.
As per para 6.8.2 of the Master Circular on Mutual Funds No. SEBI/HO/IMD/IMD-PoD-1/P/CIR/2023/74 dated May 19, 2023, the 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 format for Half Yearly Trustee Report, as provided under Chapter 2 of Formats in the Master Circular, shall stand modified as under:
72. Compliance with the requirement of standing arrangements with independent firms for special purpose audits and/or to seek legal advice.
73. Any other matter the trustees would like to report to SEBI.
The provisions of this circular shall be applicable with immediate effect.
[Circular No. SEBI/HO/IMD/IMD-I –PoD1/P/CIR/2023/126]
