Securities And Exchange Board Of India - Subsection
Section 9(15) in Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014
(15)In case of any change in investment manager due to removal or otherwise,-a. prior to such change, the trustee shall obtain approval from unit holders in accordance with regulation 22 and from the Board;b. the trustee shall appoint the new investment manager within three months from the date of termination of the earlier investment management agreement;c. the previous investment manager shall continue to act as such at the discretion of trustee till such time as new investment manager is appointed;d. the trustee shall ensure that the new investment manager shall stand substituted as a party in all the documents to which the earlier investment manager was a party;e. the trustee shall ensure that the earlier investment manager continues to be liable for all its acts of omissions and commissions notwithstanding such termination.
