Read more about Franklin Templeton MF s 6 shut schemes generate Rs 13,789 cr since closure on Business Standard. Franklin Templeton Mutual Fund on Sunday said its six shut schemes have received Rs 13,789 crore from maturities, pre-payments and coupon payments since closing down in April
Franklin Templeton MF on Sunday said its six shut schemes have received Rs 13,789 crore from maturities, pre-payments and coupon payments since closing down in April.
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While the Association of Mutual Funds in India (AMFI) has reportedly filed a special leave petition (SLP) in the Supreme Court (SC) in the Franklin Templeton Mutual Fund (FTMF) issue, the Midas Touch Investors Association (MTIA) has asked market regulator Securities and Exchange Board of India (SEBI) to suspend for one year the registration certificate of FTMF.
In a representation addressed to Ajay Tyagi, chairman of SEBI, Virendra Jain, founder and president of MTIA, says, You are requested to suspend their respective certificate of registrations granted by SEBI, under mutual funds regulations, to undertake activities relating to operating mutual funds in India for one year for making false, misleading, biased and deceptive statements while seeking consent of unitholders via e-voting.
A leading investor association has raised questions about the legality of the voting process for the winding up of six funds that Franklin Templeton Asset Management (India) manages. There was no postal intimation to unitholders who didn’t have a registered email address, according to a letter that Midas Touch Investors Association sent to the Securities and Exchange Board of India (Sebi). It added also argued that unitholders should have a vote in proportion to their holdings. “The principle of one vote per shareholder violates the right of the unitholder, and hence is Illegal,” said the letter from founder Virendra Jain to the regulator.
Franklin Templeton shut schemes receive Rs 13,120 crore till Dec 31
During the last fortnight from December 16-31, 2020, the six wound up schemes received cash inflows worth Rs 1,213 crore. This saw FISTIP become cash positive during the period
BusinessToday.In | January 3, 2021 | Updated 00:59 IST
The six shut schemes of Franklin Templeton have received Rs 13,120 crore in the by the end of last year, since their closure in April. Out of the six plans, five have turned cash positive. As on the last day of 2020, they have Rs 8,527 crore available to disburse among unitholders.
Franklin Templeton Asset Management (India) had wrapped up its six plans on April 24, 2020 - Franklin India Ultra Short Bond Fund (FIUBF), Franklin India Low Duration Fund (FILDF), Franklin India Short Term Income Plan (FISTIP), Franklin India Income Opportunities Fund (FIIOF), Franklin India Credit Risk Fund (FICRF), and Franklin India Dynamic Accrual Fund (FIDA) - locking in Rs 30,800 crore off investor