Franklin Templeton Mutual Fund has said its six shut schemes have received Rs 14,391 crore from maturities, pre-payments and coupon payments since their closing down in April.
Franklin Templeton MF 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). The six schemes have received total cash flows of Rs 14,391 crore till January 29, 2021, from maturities, coupons and prepayments since winding up, the fund house said in a statement.
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SEBI backs Franklin on debt schemes winding up at SC
January 31, 2021
‘Principle of proportionality’ should not be followed for MF, market regulator tells SC
Market regulator SEBI has backed Franklin Templeton Mutual Fund (FTMF)’s position on winding up the six debt schemes. In its latest affidavit filed with the Supreme Court, SEBI has affirmed that FTMF’s winding-up proposal was approved by an “overwhelming majority of over 96 per cent unit-holders” in the recent e-voting.
SEBI’s stand is in contrast to that of TS Krishnamurthy, the e-voting observer appointed by the regulator itself, who said that only 38 per cent of the 3.15 lakh investors had participated.