SEBI vide circular No. SEBI/HO/IMD/DF4/CIR/P/2020/0000000151 dated 10th August, 2020 providing administrative assistance to trustees in monitoring various activities of the AMCs.
It is decided that,
- Trustees
shall appoint a dedicated officer having
professional qualification and minimum 5 years of experience in finance and financial
services related field.
- The officer so appointed, shall be 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 respon-sibilities of the Trustees.
- 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 expenditure incurred for the above shall be charged under the clause “fees and expenses of trustees” of SEBI (Mutual Funds) Regulations, 1996.
https://www.sebi.gov.in/legal/circulars/aug-2020/resources-for-trustees-of-mutual-funds_47291.html