9.3 Role of Asset Management Companies (AMCs) and Trustees

The AMC — the fund's manager (the SEBON-licensed company): the scheme's design-and-launch, the portfolio's management (the investment decisions within the mandate), the NAV's computation-and-publication, the investor-servicing, the compliance's ownership. The trustee (and the custodian) — the investors' guardian: the fund's assets' custody (the segregation from the AMC's own — the misappropriation's structural bar), the scheme's compliance oversight (the trustee's watch-and-veto faces), the investors' representation. The exam's frame: the trust's triangle — the investors' money (the beneficiaries), the AMC's brains, the trustee's safe-keeping — the structure itself as the first investor-protection (the Unity Life counter-example: no trustee, no segregation, no protection — 9.6's case).