2022
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Question
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5
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3
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6
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8
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Detailed explanation-1: -At least two-third of the directors will be independent directors of the AMC. Market regulator Sebi has directed the mutual fund (MF) industry to set up an audit committee at the asset management company (AMC) level. Currently, such a committee is set up by the trustee of a fund house.
Detailed explanation-2: -Each CIS should have a minimum subscription amount of INR 20 Crore Each CIS should have a minimum of 20 investors and no single investor should account for / hold more than 25% of the AUM of such scheme.
Detailed explanation-3: -Under the provisions of SEBI (LODR) Regulations 2015, the audit committee must comprise of at least 3 directors as members. Further, two-thirds of the members of the audit committee should be independent directors. The chairperson of the audit committee must be an independent director.