The Unit Trust of India Act,1963
Section 12. Disqualification for being a trustee
A person shall not be capable of being nominated or elected as a trustee if–
(a) He is, except in the case of the Chairman or the executive trustee, an officer or other employee of the Trust; or
(b) He is, or at any time has been, adjudicated as insolvent or has suspended payment of his debts or has compounded with his creditors; or
(c) He is of unsound mind and stands so declared by a competent court; or
(d) He has been convicted of an offence which, in the opinion of the Reserve Bank, involves moral turpitude.