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No adverse findings against Franklin Templeton, its employees so far: Sanjay Sapre
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No adverse findings against Franklin Templeton, its employees so far: Sanjay Sapre
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SEBI probing if Franklin exceeded borrowing limits
March 11, 2021
Close-up Of Businessperson Hands Checking Invoice With Magnifying Glass At Desk - Getty Images/iStockphoto×
To meet redemptions in 6 debt schemes
SEBI is investigating if Franklin Templeton Mutual Fund (FTMF) borrowed far beyond what it was permitted and how it managed to subsequently get a ‘special permission’ to enhance its borrowing limit, mainly to meet the redemptions in the six debt schemes that were shut in April 2020.
This has been revealed in investor complaints to the Finance Ministry, the Central Vigilance Commission (CVC) and SEBI’s vigilance department highlighting that FTMF got special permission to hike the borrowing of the debt schemes from 30 per cent to 40 per cent just one day before it announced the controversial decision to shut them. The complaints have drawn data from FTMF’s own disclosures to the court including SEBI’s special permission.
Franklin Templeton MF: SC Reserves Order after Completing 1st Phase; Next Hearing in July
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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