The regulator said vote should be cast at the mutual fund level. However, in case fund manager of any specific scheme has strong view against the views of fund manager of the other schemes, the voting at scheme level will be allowed subject to recording of detailed rationale for the same.
Sebi said fund managers should submit a declaration on quarterly basis to the trustees that the votes cast by them have not been influenced by any factor other than the best interest of the unit holders.
Further, trustees in their half yearly report should confirm the same to Sebi.
Fund houses are required to cast votes on resolutions related to corporate governance, changes in capital structure, stock option plans and other management compensation issues, appointment and removal of directors, related party transactions, social and corporate responsibility issues.
The new rules will be effective from April 1.
