Section 165 Investments and Securities Act

Section 165 of the Investments and Securities Act 2025 is about Liabilities of trustees and custodians under a scheme. It is under Part XIII (Collective Investments Schemes) of the Act. It provides as follows:

Any provision in the trust deed or custodial agreement in which are expressed the trusts or agreement created under an authorised scheme shall be void if it would have the effect of exempting the trustee or custodian under the scheme from or indemnifying it against liability for breach of trust or the custodial agreement where, having regard to the provisions of the trust deed or the custodial agreement conferring on him any powers, authorities or discretion, he fails to exercise the degree of care and diligence required of him as trustee or custodian.