The scope of work of the AIF trustee
- Onboard by signing a Consent letter for acting as AIF trustee with the Fund.
- Review of Transaction Documents (Trust Deed, Contribution Agreement, Investment Management Agreement, Private Placement Memorandum.)
- Facilitating registration of Trust Deed and execution of other documents with the Fund.
- Amendments to the above-said documents (if any) in future or ongoing.
- Assisting in IFSCA Filing
- Apply for PAN & TAN No.
- Facilitate the Investment Manager in Opening of Bank account of the Trust, opening Demat account of the Trust and custodian Account.
- Approval / Consent for Investments based on recommendation letter from IM and IC Approval.
- Review and signing of Annual Financials based on the draft audit report and confirmation from IM that financials are in order.
- Review of Tax computation and signing of Income Tax Return based on confirmation from Tax consultant and IM of the fund.
- Approval / Consent for Distribution based on a Recommendation letter from IM and all details of tax discharged on sale/income of the fund.
- Review of Quarterly Compliance Reports and Compliance Trustee Reports.
- Liaison with IFSCA if any query received from FME
- Liaison with the Investment Manager for Form 64C and Form 64D.
- Liaison with the Investment Manager to resolve the investor complaints, if any.
- Liaison for TDS / GST filings.Post Fund is set up contributions have come into the fund and the Fund is Live and active, please find below the compliances which the trustee will call for from Investment Managers/ Fund:
- Apprise the FME about recent developments in AIF regulations, and circulars, as and when applicable.
- Review of compliance reports of alternative investment funds from time to time.
- Assist the FME in preparing the compliance test report/ trustee’s quarterly compliance report.
- Facilitate due diligence and follow-up with clients to ensure timely compliance with regulators.
- Helping in coordination with the Regulator, Legal Counsel, Merchant Banker, etc.
- End-to-end monitoring of applicable compliances of the Fund.