Trustees are appointed by the sponsor with SEBI Trustees act as the protectors of the unit holders' interests and are the primary guardians of the unit holders' funds and assets.
At least two-thirds of the members of the board of trustees have to be independent of the sponsor.
Half Yearly Trusty Reports (HYTR) are to be submitted by trustees to SEBI specifying about the non-compliances along with the corrective measures taken on the same.
Asset Management Company (AMC) is the investment manager of the mutual fund. and are the face of mutual funds. They set up offices, employ staff, create and market products, mobilise funds through distributors, manage the money and report the portfolio performance to trustees and investors.
The rights and obligations of the AMC are specified in the Investment Management Agreement signed between the trustees and the AMC.
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