As Franklin Templeton begins repayment, debt fund investors can breathe easy
February 16, 2021
Entire repayment is expected to be completed in 3 days
Investors in the suspended debt schemes of Franklin Templeton can heave a sigh of relief with SBI Funds Management starting to credit the surplus cash of ₹9,122 crore in investors bank account on Tuesday.
As per the Supreme Court judgment, SBI Funds Management has started the process of repaying about 3 lakh investors in the five of the six debt schemes that have turned cash positive.
The entire repayment is expected to be completed in two-three days as 30,000 payments are made in one batch and about 3-5 batches are processed in a day, sources said.
Franklin Templeton to begin repayment of dues newindianexpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from newindianexpress.com Daily Mail and Mail on Sunday newspapers.
Unitholders Gave Consent To Windup Six Schemes Of Franklin Templeton: Top Court Franklin Templeton Mutual Fund had closed six debt mutual fund schemes on April 23 last year citing redemption pressure and lack of liquidity in the bond market.
Updated: February 13, 2021 2:39 pm IST
Till November 27, 2020 the six schemes received total cash flows of Rs 11,576 crore from maturities
The Supreme Court Friday rejected the objections to the result of e-voting process and held that unitholders have given their consent by majority to windup six mutual fund schemes of Franklin Templeton. The Supreme court, which said that winding up and disbursement of funds to unitholders would be in terms of its directions passed in the matter, directed that disbursement can be made in tranches without waiting for liquidation of all the securities or assets. The e-voting with regard to winding up of Franklin Templeton s six mutual fund schemes Franklin India Low Duration Fund, Franklin India Ultra
The Supreme Court on Friday upheld the validity of e-voting process for winding up of six mutual fund schemes of Franklin Templeton, and said disbursal of funds to unit holders will continue.
How much money can Franklin investors expect to get back by Feb 15?
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In a note to investors, Franklin Templeton President Sanjay Sapre explained the process and modalities of the payment of the first tranche. Investors must note that payments from 15 February to investors whose accounts are KYC compliant with all details available.
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NEW DELHI: Good news for some of the investors in the six schemes closed down by Franklin Templeton Mutual Fund in April 2020. The fund house will pay out the cash holding in five of the six schemes to investors in accordance with the Supreme Court verdict on the matter.