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Market regulator SEBI has extended timeline for the applicability of new norms – monitoring the activities of asset management companies (AMCs) – on trustees of mutual funds (MFs) to January from October.
In August, SEBI had directed MF trustees to have standing arrangements with independent firms for special purpose audit and seek legal advice if needed.
The expenditure incurred by the trustees will be charged under “fees and expenses of trustees”, said SEBI. It allowed MF trustees to appoint a dedicated officer to assist them in carrying out their fiduciary duty.
The selected officer should have a professional qualification and minimum five years of experience in finance and financial services related field.
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