Urging the Supreme Court to come to the rescue of people who had invested in now-closed Franklin Templeton schemes, investors body CFMA on Saturday claimed more than 10 mutual funds may otherwise go the same way creating an MF pandemic comparable to the US subprime crisis. In a press release, CFMA (Chennai Financial Markets & Accountability) said the judiciary is the only hope for over three crore unitholders of various mutual fund schemes in the country, including those who had invested in Franklin Templeton schemes. Without disclosing the source of its information to back up its claim, CFMA said it has learned that more than 10 other mutual funds want to put their losses on unitholders heads and are only waiting for the Supreme Court verdict.
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IANSLive
New Delhi, Jan 30 (IANS) Chennai Financial Markets and Accountability (CFMA), an organisation fighting for the cause of investors, said on Saturday that the judiciary is the last and only hope for over three lakh unit holders of Franklin Templeton Mutual Fund (FTMF) who are poised to face 50 per cent erosion of their principal invested amount of Rs 28,000 crore if the winding-up of its six debt funds are allowed, and the ruling would also set a precedent for three crore mutual fund unit holders in India.
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Photo Credit: IANS
IANSLive
New Delhi, Jan 30 (IANS) Chennai Financial Markets and Accountability (CFMA), an organisation fighting for the cause of investors, said on Saturday that the judiciary is the last and only hope for over three lakh unit holders of Franklin Templeton Mutual Fund (FTMF) who are poised to face 50 per cent erosion of their principal invested amount of Rs 28,000 crore if the winding-up of its six debt funds are allowed, and the ruling would also set a precedent for three crore mutual fund unit holders in India.
To get full access of the story, click here to subscribe to IANS News Service
Investors Body Claims Over 10 MFs May Go Franklin Templeton Way Causing Rs 15 Lakh Crore Loss moneycontrol.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneycontrol.com Daily Mail and Mail on Sunday newspapers.
Returning unitholders money: The first of many steps needed for Franklin Templeton s image makeover
Franklin Templeton also faces the uphill task of getting its equity funds back in the reckoning January 29, 2021 / 02:19 PM IST
Templeton India Growth Fund will complete 25 years later this year. It was the first mutual fund scheme rolled out by Franklin Templeton Mutual Fund (FT MF) when the fund house set shop in India in 1996. But the celebrations are bound to be muted on account of another anniversary – it will be one year in April since the fund house decided to wind up six of its debt schemes.