BROAD COVERAGE OF REPORT OF TRUSTEES TO SEBI
Trustees shall submit reports for the half year ended September and
March. Reports should
reach SEBI within 2 months from the end of the half year.
The report of the Trustees should give specific comments on the following;
-
activities of the AMC with specific reference to transactions with affiliates,
concentration
of business with affiliate brokers, compliance with investment restrictions
and inter
scheme transfers net worth of the AMC
-
ability of the AMC/sponsor to honour the guaranteed returns in case of
any Scheme
guaranteeing returns
-
deployment of funds of the scheme in accordance with investment objectives
and
not for any option trading or short selling or carry forward transactions
-
valuation and pricing of units - whether in accordance with the Regulations
-
publication of Annual Report and furnishing of half yearly and annual accounts
statements to unit holders and SEBI
-
listing of scheme on stock exchange as per terms of the offer document,
effecting of transfer and despatch of units to unit holders within 30 days
and timely
despatch of repurchase/redemption proceeds and dividend warrants
-
action taken on deficiency and warning letters by SEBI.
-
Before launch of scheme, AMC had systems in place for back office etc.,
appointed
all key personnel, auditors, compliance officers, prepared manual, specified
norms, etc.
-
AMC shall appoint Registrar & Share Transfer Agents, who are registered
with SEBI,
provided that if the work is done in-house, then the rates charged must
be competitive
and for higher rates reasons for charging higher rates must be disclosed.
-
AMC has been diligent in empanelling brokers in monitoring securities transactions
and avoiding undue concentration with any broker.
-
AMC has not given undue and unfair advantage to any associate.
-
In case, any company has invested more than 5% of NAV scheme, an investment
made by the scheme or by any other scheme of the same mutual fund in that
company
or its subsidiaries shall be justified.
-
Whether the AMC has dealt with any associate broker more than 5% of the
quarterly
business done by a mutual fund.
-
Utilisation of the services of the sponsor or any of its associates, employees,
etc. by AMC -
whether disclosure made in the annual accounts.
-
Transactions entered into by AMC are in accordance with the Regulations.
-
Whether AMC submitted quarterly report on its activities and complied with
Regulations.
-
Transactions of mutual fund are in accordance with the trust deed.
-
Funds pertaining to a scheme have been invested in accordance with the
Regulations.
-
All activities of AMC are in accordance with the Regulations
-
Details of transaction in securities by key personnel in their own name
or on behalf
of the AMC.
-
Whether AMC filed with the trustees detailed bio-data of all directors
of AMC
along with their interest in other companies within 15 days of their appointment
in
any change in the interest of directors every six months.
-
Whether directors of the AMC filed with the trustees, a statement of holding
of
securities at the end of each financial year along with dates of acquisition.
-
No conflict of interest between the manner in which the AMC has deployed
its net worth and the interest of the unit holders.
-
Remedial steps as necessary taken by the trustees, in case the conduct
and
business of the mutual fund is not in accordance with the Regulations.
-
Certifying that they have satisfied themselves that there have been no
instances of self-dealing or front running by any of the trustees, directors
and key personnel of the AMC.
-
Certifying that AMC has been managing the schemes independently of any
other
activities and the unitholders’ interest has been protected.
-
Whether unitholders’ consent obtained wherever necessary in accordance
with
Regulations.
-
Any other matter the trustees would like to report to SEBI.
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