Madras High Court issues notice to Franklin Templeton Mutual Fund, SEBI: Investors Group

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(PTI) New Delhi, 29 May 2020, Friday

The Madras High Court has issued notices to the crisis-hit Franklin Templeton Mutual Fund and the Securities and Exchange Board of India (SEBI) following a petition filed by a group of investors, a group of investors said. The petition comes as investors are stuck with Rs 6,000 crore in six debt schemes closed by Franklin Templeton Mutual Fund.

Investors Group, Chennai Financial Markets and Accountability (CEMA) further said that it has launched an online petition to bring together all the affected investors and has approached the Prime Minister's Office as well as the Fund House's U.S. Will be sent to Parent and U.S. Markets Director Sec.

It further said that mutual funds and fund managers should answer questions including their investment choice and compliance and prudential standards with the regulator. Last month, Franklin Templeton announced the closure of six debt schemes due to redemption pressures and a lack of liquidity in bond markets. Since then, the capital markets regulator Sebi has repeatedly asked the fund house to focus on early repayments to investors.

According to the CFMA, the Madras High Court on May 8, 2020 appointed SEBI, Franklin Templeton Asset Management India Pvt Ltd, trustees of the mutual fund, its president Sanjay Sapre, fixed income CIO Santosh Kamath and other key management members.

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