CIRCULAR
SEBI/HO/IMD/IMD-I –PoD1/P/CIR/2023/126 July 26, 2023
To
All Mutual Funds
All Asset Management Companies(‘AMCs’)
All Trustee Companies/Boards of Trustees of Mutual Funds
All Registrar to an Issue and Share Transfer Agents(‘RTAs’)
Association of Mutual Funds in India(‘AMFI’)
Sir/Madam,
Subject: Resources for Trustees of Mutual Funds
1. 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 (“Master Circular”), 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.
2. Since the aforesaid standing arrangement with independent firms has to be
available on a continuous basis, a confirmation to this effect shall be provided by
Trustees in the Half Yearly Trustee Reports submitted to SEBI. Accordingly, 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 audit and/or to seek legal advice.
73. Any other matter the trustees would like to report to SEBI.”
3. The provisions of this circular shall be applicable with immediate effect.
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4. This circular is issued in exercise of powers conferred under Section 11(1) of the
Securities and Exchange Board of India Act, 1992 read with the provisions of
Regulation 77 of SEBI (Mutual Funds) Regulations, 1996, to protect the interest
of investors in securities market and to promote the development of, and to
regulate the securities market.
5. The circular is available on SEBI website at www.sebi.gov.in.
Yours faithfully,
Peter Mardi
Deputy General Manager
+91-22-26449233
Email: peterm@sebi.gov.in
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