Updated Feb 02, 2021 | 16:16 IST
SEBI has proposed proportionate distribution of Rs 9,000 cr with unitholders respective interests. The regulator told Supreme Court that mutual funds don t make any distinction between large, small investors Franklin Templeton Case: SEBI proposes distribution of Rs 9,000 crore
New Delhi: The Supreme Court on Tuesday asked market regulator SEBI to reply on modalities of distribution of funds in Franklin Templeton. The regulator has been asked to state if the company s funds are to be distributed in one go/in a staggered way and to clarify if larger holdings can be given later & what timeline to follow.
SEBI has proposed proportionate distribution of Rs 9,000 crore with unitholders respective interests. The regulator told Supreme Court that mutual funds don t make any distinction between large, small investors. SEBI did not put any timeline for fund distribution. However, it indicated that it will 12 to 18 months. The
Franklin Templeton MF: SC Asks Rs9,122 Crore be Paid Within 20 Days to Unitholders moneylife.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneylife.in Daily Mail and Mail on Sunday newspapers.
The Supreme Court on Tuesday directed Franklin Templeton Mutual Fund to disburse Rs 9,122 crore to the unitholders of its six shut debt schemes. SBI Mutual Fund has been entrusted the responsibility of disbursing the amount. The money has to be distributed among unitholders in 20 days and the parties are at liberty to move applications in case of difficulties arising out of the process. “We believe the distribution of monies will provide unitholders with much-needed liquidity and look forward to working with the regulator and SBI Mutual Fund to distribute the cash within the period stipulated by the Court,” said a Franklin Templeton spokesperson.
SC asks Franklin Templeton to return money to unitholders from cash-positive schemes
Cash to be returned in 20 days. SBI Mutual Fund will distribute the money, instead of Franklin Templeton February 02, 2021 / 05:41 PM IST
Unitholders of the six wound-up schemes of Franklin Templeton Mutual Fund (FT MF) will get a part of their money back soon.
The Supreme Court (SC) on Wednesday directed cash-positive schemes to distribute the funds to unitholders. The funds should preferably be transferred to unitholders accounts in 20 days, as per sources. The final order of the SC is not yet made available.
The court said SBI Mutual Fund (SBI MF) can oversee the distribution of these funds, and not FT MF. Unitholders will receive the funds in proportion to the units held by them.
»SC Orders Disbursal of Rs 9,122 Crore to Unitholders of Franklin Templeton s 6 Mutual Fund Schemes
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SC Orders Disbursal of Rs 9,122 Crore to Unitholders of Franklin Templeton s 6 Mutual Fund Schemes
The Supreme Court of India. (Image: PTI)
The court also gave the parties liberty to move applications in case of any difficulty arising out of the process. The lawyer, representing Franklin Templeton Trusts Services Limited, told the bench that the company would render cooperation with SBI Mutual Fund.
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The Supreme Court on Tuesday ordered that Rs 9,122 crore be disbursed within three weeks to the unitholders of Franklin Templeton s six mutual fund schemes which are proposed to be wound up. A bench of Justices S A Nazeer and Sanjiv Khanna said that the disbursal of money would be done in proportion to unitholders interest in the assets. In the proceedings conducted through video conferencing, the bench entrusted State Bank of India (SBI) Mutual Fund to disb