Visakhapatnam: More than 30 boats gutted in fire; Details inside – PHOTOS1/7 In Visakhapatnam, a fire broke out in a jetty area in which more than 30 fishing boats were gutted. Cops launched a hunt for 10 to 15 persons who allegedly partied in one of the boats, officials informed on Monday.Luckily, no death or injury was reported in the accident.“Police are probing the role of the group of 10 to 15 people who quarreled over a transaction,” said Visakhapatnam Harbour Assistant Commissioner of Police B Moses Paul, reported PTI.More than two dozen fire tenders were pressed into service from across the city. However, the Navy’s Sahara firefighting boat managed to extinguish the flames by spraying foam and sand.The state government instructed officials to support the fishermen who lost their boats and assist them in whatever way possible.Here are some pictures. Have a look:2/7 Flames and smoke rise after a fire broke out in a jetty area, in Visakhapatnam. (PTI Photo) Locals at the site after a fire broke out in a jetty area, in Visakhapatnam. (PTI Photo) Firefighters attempt to douse a fire that broke out in a jetty area, in Visakhapatnam. (PTI Photo) Locals at the site after firefighters extinguished the fire that broke out in a jetty area, in Visakhapatnam. (PTI Photo) Locals at the site after firefighters extinguished the fire that broke out in a jetty area, in Visakhapatnam. (PTI Photo) Locals at the site after firefighters extinguished the fire that broke out in a jetty area, in Visakhapatnam. (PTI Photo)
Also read: Petrol and Diesel Rate Today, 11 February: Fuel prices steady; Check rates in Delhi, Mumbai, other cities
In its consultation paper, Sebi has suggested that trustees of mutual funds should focus on market abuse by AMC, its employees and mis-selling by the AMC to increase the asset base.
Also, trustees should be responsible for fairness of fees and expenses charged by the AMC, compare its performance with peers and ensure that AMC’s sponsor is not getting any undue advantage.
In addition to the core areas, the trustees should be responsible for periodically reviewing the steps taken by AMCs for the folios which do not contain all KYC attributes with bank details.
Further, Sebi has suggested that trustees and their resource persons should independently evaluate the extent of compliance by AMC and not merely rely on AMC’s assurances.
To facilitate trustees’ supervision, AMCs should provide them with analytical information.
Presently, the trustees primarily rely on the AMCs for ensuring compliance with the applicable rules.
Under the rules, trustees hold the property of the mutual fund in trust for the benefit of the unitholders. The trustees appoint an AMC to float schemes for the mutual fund and manage the funds mobilised under various schemes, in accordance with the investment objectives.
“In view of the increasing scale and reach of the mutual fund industry, trustees’ role in respect of unitholders’ protection assumes even greater significance,” Sebi said on Friday.
Also read: Adani shares continue fall amid MSCI review
Over the past decade there has been a five-fold increase in the size of the mutual fund industry. The assets under management (AUM) has surged from Rs 7.93 lakh crore in November 2012 to Rs 39.89 lakh crore in December 2022.
To ensure that trustees devote time and attention to their core responsibilities, Sebi has suggested that for fulfilling other responsibilities, trustees may rely on professional firms such as audit firms, legal firms, merchant bankers for carrying out due diligence on their behalf.
The Sebi also listed some duties trustees can delegate to AMCs. This include ensuring that all systems are in place prior to the launch of any scheme by the AMC, and calculating any income in the mutual fund due to the fund and any income received in the mutual fund for unitholders.
The regulator has proposed to provide a one year time to existing trustees with board of trustee structure to convert into a trustee company, from governance point of view.
Presently, two structures for trustees are permitted — corporate and board of trustees structure. Moreover, there are a few mutual funds which have the board of trustees structure while the trustees of all other mutual funds have adopted the structure of a trustee company.
Considering the enhanced role of trustees over the period of time, Sebi has suggested to increase the minimum number of trustees to adequately perform their functions. Presently, the minimum number of trustees prescribed is four.
Also, it has been proposed that the chairperson of the trustee company should be an independent director.
Sebi has suggested that apart from the meeting of the audit committee of AMCs and trustees (which mostly comprises of independent directors), the board of AMCs and the board of trustees may be mandated to meet at least once a year to discuss the issues concerning the mutual funds.
The regulator proposed that the existing MF Regulations on AMC and its obligations may be amended to include additional clauses with respect to the obligations of the board of AMC.
The proposed amendment may include a clause which casts an obligation on the board of AMC to ensure that all the activities of the asset management company are in accordance with the provisions of these regulations.
The Securities and Exchange Board of India (Sebi) has sought comments from public till February 24 on these proposals.