Securities and Exchange Board of India (“SEBI”) vide its circular no. SEBI/HO/IMD/IMD-I –PoD1/P/CIR/2023/126 dated July 26, 2023, has notified that Trustees as defined under SEBI (Mutual Fund) Regulations, 1996 shall have 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.
Pertaining to the same Trustee has to provide confirmation to the SEBI in the Half Yearly Trustee Reports under Chapter 2 of Formats in the Master Circular. Accordingly, the format of Half Yearly Trustee Reports is 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.”
This circular shall be applicable with immediate effect.
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