(1)

Every mutual fund shall have the annual statement of accounts audited by an auditor who is not in any way associated with the auditor of the asset management company.

Explanation :- For the purposes of this sub-regulation and regulation 66 "auditor " means a person who is qualified to audit the accounts of a company under section 224 of the Companies Act, 1956 (1 of 1956).

(2)

An auditor shall be appointed by the trustees.

(3)

The auditor shall forward his report to the trustees and such report shall form part of the Annual Report of the mutual fund.

(4)

The auditor's report shall comprise the following:-

(a) a certificate to the effect that,-