Franklin Templeton disagrees with SEBI order, challenges SAT

Franklin Templeton Asset Management (India) has decided to challenge the Securities and Exchange Board of India (SEBI) order in the Securities Appeal Tribunal (SAT). This SEBI mandate is about Franklin Templeton closing its six debt or bond projects in 2020. SEBI Monday restrained Franklin Templeton Asset Management Company (India) from introducing any new lending scheme for two years. In addition, the company has been fined Rs 5 crore for violating regulatory standards in respect of termination of six loan schemes.

512 crores, collected as investment management and consulting fees for six loan schemes. As per SEBI order, this amount will be used to pay the unit holders. SEBI said Franklin Templeton AMC made serious losses in the classification of the project. The company has violated the rules without using the liquidity crisis, the issue of securities valuation behavior, risk management and problem selection in investment investigations.

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On the SEBI order, a Franklin Templeton spokesman said, “We do not agree with the findings of the SEBI order. We intend to appeal against this in the Securities Appeals Tribunal. A spokesman said Franklin Templeton always places greater emphasis on compliance. The company has always operated in the interests of the Unitholders as per norms.

Franklin Templeton closed its six-bond project on April 23, 2020, citing withdrawal pressure and lack of liquidity. These plans are … Franklin India Short Term 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 Opportunity Fund. The property or AUM in the management of these projects is estimated at Rs 25,000 crore.

Under six discontinued projects, up to April 30, 2021, Rs 14,572 crore has been disbursed to unit holders. At the same time, as of June 4, 2021, it was Rs 3,205 crore. Taken together, the total amount disbursed to investors during the first week of June amounted to Rs. This amount amounts to 71 percent of the assets under management by 23 April 2020.

In addition to Franklin Templeton, regulator Franklin Templeton’s former Asia Pacific chief Vivek Kudwa and his wife have been restricted from trading in the securities market for a year. These people retreated from Franklin Templeton MF’s planning unit, keeping the information public. In addition, the regulatory couple had to pay Rs 7 crore. In addition, an amount of Rs 22.64 crore recovered from the Franklin Templeton MF schemes has been issued to the escrow account in 45 days.

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