The Securities and Exchange Board of India's (Sebi's) investigation into alleged circumvention of regulations in alternative investment funds (AIFs) has put trustees in a spot of bother. Many are now seeking more rights to fulfil their obligations, which include overseeing the conduct of AIFS and safeguarding the interests of unitholders.
Trustees are also tasked with compliance-related work for AIFs, besides conducting KYC checks on investors, obtaining beneficial ownership details from offshore investors, and disseminating information to investors. However, many trustees report that they do not receive timely disclosures or at times, no disclosure from investment managers.
"We don't have any defined rights as trustees," said a trustee who manages dozens of AIFS. "We're seeking more rights from the market regulator so we can obtain the necessary information from AIFs to ensure proper compliance by funds."
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