Mutual Funds are operated by Asset Management Companies (AMC) which exists in the form of a public limited company registered under Companies Ordinance 1984. The AMC launches new funds through  the establishment of a Trust Deed, entered between the Asset Management  Company and the Trustee with due approval from the SECP under the Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003 (the “Rules”). The Trustee performs the functions of the custodian of the assets of the Fund. The trustee ensures that the Fund Manager takes the investment decisions within the defined investment policy of the mutual fund.  Under Pakistan law banks, and central depository companies, approved by the SECP, can act as trustee. At present Central Depository Company of Pakistan (CDC) is acting as Trustee of most of the funds of the industry.