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IPO Boom: From the Roaring '90s to Swinging '20s, Will Retail Investors Emerge Unscathed?

When it comes to initial public offerings (IPOs), the roaring 1990s seem set to come back as the swinging 2020s, only much bigger.

Hindustan , India-general- , India , Allahabad , Uttar-pradesh , Himachal , Uttaranchal , Virendra-jain , Karshanbhai-patel , Samir-arora , Jindal-vijaynagar , Ketan-parekh

Vanishing Companies: Why Won't SEBI Use Tech and Forensics To Track Them Down?

Vanishing Companies: Why Won't SEBI Use Tech and Forensics To Track Them Down?
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.

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Franklin Templeton MF: AMFI Files SLP before SC; Midas Touch Investor Association Says Cancel FTMF's Registration

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While the Association of Mutual Funds in India (AMFI) has reportedly filed a special leave petition (SLP) in the Supreme Court (SC) in the Franklin Templeton Mutual Fund (FTMF) issue, the Midas Touch Investors Association (MTIA) has asked market regulator Securities and Exchange Board of India (SEBI) to suspend for one year the registration certificate of FTMF.

In a representation addressed to Ajay Tyagi, chairman of SEBI, Virendra Jain, founder and president of MTIA, says, "You are requested to suspend their respective certificate of registrations granted by SEBI, under mutual funds regulations, to undertake activities relating to operating mutual funds in India for one year for making false, misleading, biased and deceptive statements while seeking consent of unitholders via e-voting."

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Top investor association objects to Franklin's voting process on six funds

A leading investor association has raised questions about the legality of the voting process for the winding up of six funds that Franklin Templeton Asset Management (India) manages.
There was no postal intimation to unitholders who didn’t have a registered email address, according to a letter that Midas Touch Investors Association sent to the Securities and Exchange Board of India (Sebi). It added also argued that unitholders should have a vote in proportion to their holdings.
“The principle of one vote per shareholder violates the right of the unitholder, and hence is Illegal,” said the letter from founder Virendra Jain to the regulator.

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Investors want paper ballots in Franklin MF voting, overseen by ex-CECs

An investor association has written to the stock market regulator seeking offline voting options to decide on the winding up of six schemes of Franklin Templeton Asset Management (India). Voting is set to happen electronically between December 26th to December 28th. This is to be followed by a virtual meeting through video conferencing.
Postal ballots would help senior citizens and others who are not as conversant with electronic means, according to the letter that Midas Touch Investors Association sent to the regulator dated December 8th. The paper trail makes the process more transparent suggested the note.
“…consent be obtained through post, which could be identified and subsequently verified easily, to set doubts, if any, at rest. In addition, voting through electronic medium be made optional,” said a statement from association president Virendra Jain.

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Why Are Franklin Templeton's Investors Being Scared into Voting without Adequate Information?

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Franklin Templeton Mutual Fund (FTMF), which sent shock waves in April 2020 by suspending six debt schemes, has written to three lakh unit-holders who invested Rs26,000 crore in these schemes for consent to their winding up. This permission itself is the result hard-fought litigation and an order of the Karnataka High Court and the Supreme Court (SC).

But there is something more worrying, almost sinister, this time. While the e-voting is to take place from 26th December to 28th December, there seems to be an orchestrated campaign using social media to push people into signing away their rights without adequate information. FTMF wants unit-holders to vote blind, without any information about the extent of loss, the culpability of its own fund managers, the failure of its trustees, what investors can hope to get back and the payment schedule.

India , Karnataka , Chennai , Tamil-nadu , Virendra-jain , Vijay-bhushan , Indian-mfs , Justice-khanna , Ajay-tyagi , Karnataka-high-court , Supreme-court , Franklin-india-low-duration-fund