The Compliance certificate to be submitted by the AMC to the Trustees on an half yearly basis should contain specific comments on the following ;

• If the AMC is carrying on other activities whether the same are conducted as per the Regulations and whether it continues to meet capital adequacy requirements for each of the activities.

• Net worth of the AMC.

• Change in the directors on the Board of directors of the AMC.

• The investments have been made in accordance with the Regulations, Trust deed and investment objectives of the scheme.

• Utilisation of services of the sponsor or of any its associates, employees or their relatives for any securities transaction is in accordance with the offer document and the brokerage and commission paid to such affiliates.

• Details of change in the interests of directors on the Board of directors of the AMC.

• Borrowings of the mutual fund giving details of date, nature of instrument, source, amount borrowed, purpose of borrowing, interest rate, security offered for the borrowing, percent of borrowing to net assets on date of borrowing, date of repayment or proposed manner of liquidation of the debt; if borrowing is from any associate of the sponsor or AMC reasons for borrowing from such entity and competitiveness of the terms.

• Investments/redemption by the AMC, Sponsor any associate of the Sponsor in any of the Schemes and inter-scheme investments giving details of name of the schemes, date, price, value, charges levied.

• Transactions in securities by the key personnel of the AMC in their own name or on behalf of the AMC giving details of names of the personnel, name of the security, purchase/sale details like quantity, rate, value, name of broker, whether transaction is on personal account or immediate family or fiduciary.

• Valuation and pricing of the units.

• Maintenance of proper books of accounts records and documents for each scheme.

• Identification and appropriation of expenses to individual schemes and conformity of expenses as per limits laid down by SEBI.

• Ability to honour guarantee commitment in respect of any guaranteed return scheme.

• Deficiency/warning letters if any, received from SEBI and corrective action taken.
• Transactions (during preceding 2 quarteres) with brokers associated with the sponsor which shall not in the average of 5% or more during any block of 3 months in all of its schemes.

• Transactions (during preceding 2 quarters) with non-associate brokers in the average of 5% or more during any block of 3 months together with justification for exceeding the limits

• Justification about the purchase and sale of securities of group companies of the sponsor or the AMC by the mutual fund during preceding 2 quarters.

• Details of investments in listed securities of group companies of the sponsor (not to exceed 25% of the net assets of all the schemes of the mutual fund)

The Compliance certificate to be submitted by the AMC to the Trustees on a Bi-monthly basis should contain specific comments on the following ;

• Investments made in excess of 10% of the paid up capital of a company, giving details of the date of purchase, name of the company, purchase price, value and holding percent in the capital carrying holding rights, whether any of such companies are associates of the sponsor/AMC, justification for making the investment.

• Inter scheme transfers - detailing dates, name of transferor and transferee schemes, securities transferred and price, value of transfer and reasons for the transfer.

• Investments by any company amounting to more than five per cent of the net asset value of a scheme indicating names of companies/schemes and their association with the Sponsor or the AMC, if any.

• Concentration of business with brokers in excess of 5% of quarterly gross business of the mutual fund, giving details of date, name of broker, value of business, brokerage paid, percent of business to total business for the day , whether the broker is associated with the sponsor or through a firm which is an associate of the sponsor and justification for such transactions.

• Transactions that resulted in short sales or carry forward giving details of date, scrip, name of the broker, rate, quantity in custody.

• Despatch of repurchase/redemption proceeds within 10 days and transfer of units within 30 days to unit holders, status of redressal of investors’ complaints giving ageing schedule and reasons.