Author
The author is Associate Partner - Economic Laws Practice (ELP)
The securities market regulator, SEBI, has recently issued a Circular (No. SEBI/HO/CFD/DIL1/CIR/P/2020/215 dated November 3, 2020) (Circular) introducing a series of changes in the approval mechanism of schemes of arrangement /amalgamation /merger /reconstruction /reduction of capital etc. (Scheme) involving listed companies. As per the new Circular, for stock exchanges to refer draft Schemes to SEBI, they need to be fully convinced that the listed entity is in compliance with SEBI Act, 1992, rules, regulations and circulars issued thereunder.
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On paper, trustees have the power to appoint or dismiss the AMC, only with the approval of SEBI. Trustees are effectively the eyes and ears of SEBI and play a vital role in the governance structure of mutual funds in India. Keeping in view the extensive duties and obligations that have been cast on the trustees, trustees need to be more conscious of the decisions made by AMCs and evaluate its policies from time to time to ensure compliance with the SEBI MF Regulations.
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