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Over 60% haircut in FTMF shut funds is Black Swan event: CFMA
By IANS |
Published on
Thu, Jan 21 2021 15:27 IST |
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Franklin Templeton Mutual Fund.. Image Source: IANS News
New Delhi, Jan 21 : Describing the over 60 per cent haircut in six shut debt funds of Franklin Templeton as a Black Swan event for three crore unit-holders of the entire domestic mutual fund industry, the Chennai Financial Markets and Accountability (CFMA), an organisation fighting for the cause of investors, on Thursday said three lakh unit-holders of Franklin Templeton Mutual Fund (FTMF) are set to lose Rs 16,000 crore out of Rs 28,000 crore invested. The FTMF unit-holders are not only set to lose over 60 per cent of their investments, but this will set a bad precedent for other mutual funds to go for such shenanigans which can erode the assets under management of the mutual fund industry by Rs 15 lakh crore out of the total asset under management of Rs 30 lakh crore, the C