Write short notes on the following: (d) Disqualification from being appointed as Mutual Fund Trustees

As per Regulation 16 of the SEBI (Mutual Funds) Regulations, 1996 a person shall not be eligible to be appointed as a trustee unless - (i) he is a person of ability, integrity and standing; and (ii) has not been found guilty of moral turpitude; and (iii) has not been convicted of any economic offence or violation of any securities laws, and (iv) has furnished particulars as specified in Form C. This Regulation further states that, (a) No asset management company and no director (including independent director), officer or employee of an asset management company shall be eligible to be appointed as a trustee of any mutual fund. (b) No person who is appointed as a trustee of a mutual fund shall be eligible to be appointed as a trustee of any other mutual fund. (c) Two-thirds of the trustees shall be independent persons and shall not be associated with the sponsors or be associated with them in any manner whatsoever. (d) In case a company is appointed as a trustee then its directors can act as trustees of any other trust provided that the object of the trust is not in conflict with the object of the mutual fund. (e) In case a company is appointed as the trustee of a mutual funds, the chairperson of the Board of directors of that trustee company shall be independent director.