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The Securities and Exchange Board of India (SEBI) has issued a detailed circular, which will put the onus on mutual fund (MF) trustees to protect unitholders’ interests. These include monitoring fees and expenses, prevention of mis-selling and front running and conflict of interest between various stakeholders. The market regulator has stated that asset management companies (AMCs) shall constitute a unit holder protection committee (UHPC) to oversee the protection of unit holders’ interests, adoption of sound and healthy market practices, and compliance with laws/regulations or other related processes. Further, the UHPC must keep unit holders well informed about and educate them on MF products, the investor charter, and complaint-handling procedures. It shall submit its observations, along with recommendations periodically to the board of the AMC.
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