Synopsis
Many unitholders are wondering whether they should say yes or no. Investors also want to know what will be the outcome in both the cases. The e-voting is scheduled to take place from December 26 to 28.
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Nearly eight months after it shut six debt mutual fund schemes, Franklin Templeton Mutual Fund is finally holding the e-voting to obtain the consent of investors to wind up six of its debt schemes. SEBI has appointed Taruvai Subayya Krishnamurthy, the former chief election commissioner of India as the observer for e-voting. Many unitholders are wondering whether they should say yes or no. Investors also want to know what will be the outcome in both the cases. The e-voting window is currently open and will end at 6 pm on December 28.
Franklin Templeton voting: What should you do? - The Hindu BusinessLine thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.
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The Chennai Financial Markets and Accountability (CFMA), an investor group, has asked investors of Franklin Templeton Mutual Fund (FTMF) to vote against the proposal by Franklin Templeton Trustee Services Pvt Ltd (Trustee) to wind up six debt schemes.
In its bulletin, CFMA says, We have consistently felt that FTMF took a unilateral decision to wind up six schemes to avert inevitable default and consequent regulatory actions against the fund managers and trustees. FTMF has front-ended the lie of COVID-19 excuse to conceal their bad, illegal, improper and risky investments made by their fund managers, whereas how come the Covid-19 reason has not been the case with any other scheme of FTMF or any other mutual fund?
Should Franklin investors vote a yes or a no ? livemint.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from livemint.com Daily Mail and Mail on Sunday newspapers.
Synopsis
If you have any mutual fund queries, message on ET Mutual Funds on Facebook. We will get it answered by our panel of experts.
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I want to redeem my investments in Franklin India Smaller Companies Fund. Will it be possible to redeem my investments?
-Rinesh Yadav
It seems, you are confused about the ongoing voting process on six debt schemes of Franklin Templeton Mutual Fund. The vote seeking investor consent to shut only six debt schemes that Franklin had shut on April 23, citing challenging conditions in the bond market. After court cases, finally the fund house is in the process of obtaining investors consent to shut the schemes. The schemes are: 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.