"Co-ordination of Trustee and Collective Investment Management Company is absolutely necessary for success of a Collective Investment Scheme." Explain in this context, the rights available to the trustee.

The trustees have a right to obtain from Collective Investment Management Company (CIMC) such information as is considered necessary by the trustee and to inspect the books of accounts and other records relating to the Scheme. The trustee should ensure that the CIMC has: the necessary office infrastructure; appointed all key personnel including managers for the schemes and submitted their bio-data which shall contain the educational qualifications and past experiences in the areas relevant for fulfilling the objectives of the schemes; appointed auditors from the list of auditors approved by SEBI to audit the accounts of the scheme; appointed a compliance officer to comply with the provisions of the Act and these regulations and to redress investor grievances; appointed registrars to an issue and share transfer agent; prepared a compliance manual and designed internal control mechanisms including internal audit systems; taken adequate insurance for the assets of the scheme; not given any undue or unfair advantage to any associates of the company or dealt with any of the associates in any manner detrimental to the interest of the unit holders; operated the scheme in accordance with the provisions of the trust deed, these regulations and the offer document of the scheme(s); undertaken the activity of managing schemes only; taken adequate steps to ensure that the interest of investors of one scheme is not compromised with the object of promoting the interest of investors of any other scheme; maintained minimum net worth on a continuous basis and shall inform the SEBI immediately of nay shortfall; been diligent in empanelling the marketing agents and in monitoring their activities.