Mumbai: The Securities and Exchange Board of India (Sebi) has asked mutual fund trustees to ensure that fees and expenses charged to investors are fair.

The Sebi chief on Monday said trustees are the first line of defense in ensuring the integrity of systems, from valuation practices to risk management.

"You ensure that valuations are fair, that fees and expenses are justified, and that every investor - large or small - is treated equitably," Sebi chief Tuhin Kanta Pandey said. He was speaking at the Leadership Dialogue for Trustees of Mutual Fund.