Franklin Templeton Mutual Fund’s six shut schemes generate Rs 11,907 crore since closure in April
Franklin Templeton Mutual Fund had shut six debt mutual fund schemes on April 23, citing redemption pressures and lack of liquidity in the bond market.
By: PTI | New Delhi | December 17, 2020 2:36:11 pm
A motorcylist passes in front of the Franklin Templeton Investments building in Hyderabad, India, on Wednesday, Sept. 29, 2010. (Photographer: Adeel Halim/Bloomberg)
Franklin Templeton Mutual Fund on Thursday said its six shut schemes have received Rs 11,907 crore from maturities, pre-payments and coupon payments since closing down in April.
Franklin Templeton MF had shut six debt mutual fund schemes on April 23, citing redemption pressures and lack of liquidity in the bond market.
Franklin Templeton MF s six shut schemes generate Rs 11,907 cr since closure in April – IBC World News ibcworldnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ibcworldnews.com Daily Mail and Mail on Sunday newspapers.
Synopsis
Franklin Templeton MF had shut six debt mutual fund schemes on April 23, citing redemption pressures and lack of liquidity in the bond market.
iStock
Franklin Templeton Mutual Fund on Thursday said its six shut schemes have received Rs 11,907 crore from maturities, pre-payments and coupon payments since closing down in April.
Franklin Templeton MF had shut six debt mutual fund schemes on April 23, citing redemption pressures and lack of liquidity in the bond market.
The schemes Franklin India Low Duration Fund, Franklin India Dynamic Accrual Fund, Franklin India Credit Risk Fund, Franklin India Short Term Income Plan, Franklin India Ultra Short Bond Fund, and Franklin India Income Opportunities Fund together had an estimated Rs 25,000 crore as assets under management (AUM).
An investor association has written to the stock market regulator seeking offline voting options to decide on the winding up of six schemes of Franklin Templeton Asset Management (India). Voting is set to happen electronically between December 26th to December 28th. This is to be followed by a virtual meeting through video conferencing. Postal ballots would help senior citizens and others who are not as conversant with electronic means, according to the letter that Midas Touch Investors Association sent to the regulator dated December 8th. The paper trail makes the process more transparent suggested the note. “…consent be obtained through post, which could be identified and subsequently verified easily, to set doubts, if any, at rest. In addition, voting through electronic medium be made optional,” said a statement from association president Virendra Jain.
Synopsis
Many unitholders are wondering whether they should say yes or no. Investors also want to know what will be the outcome in both the cases. The e-voting is scheduled to take place from December 26 to 28.
Shutterstock.com
Nearly eight months after it shut six debt mutual fund schemes, Franklin Templeton Mutual Fund is finally holding the e-voting to obtain the consent of investors to wind up six of its debt schemes. SEBI has appointed Taruvai Subayya Krishnamurthy, the former chief election commissioner of India as the observer for e-voting. Many unitholders are wondering whether they should say yes or no. Investors also want to know what will be the outcome in both the cases. The e-voting window is currently open and will end at 6 pm on December 28.