Six suspended Franklin Templeton debt schemes to pay ₹ 2,489 crore this week
May 03, 2021
These schemes so far have distributed ₹12,084 crore in last two tranches Investors in six suspended schemes of Franklin Templeton will receive ₹ 2,489 crore as part of third tranche of payment this week.
So far, these schemes have distributed ₹12,084 crore in last two tranches. We are pleased to inform you that SBI Funds Management would be distributing the next tranche of ₹ 2,488.75 crore to unitholders across all six schemes, Franklin Templeton told distributors.
The payment will be made to all investors whose accounts are KYC compliant with all details during the week of May 3, it added.
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SEBI probing if Franklin exceeded borrowing limits
March 11, 2021
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To meet redemptions in 6 debt schemes
SEBI is investigating if Franklin Templeton Mutual Fund (FTMF) borrowed far beyond what it was permitted and how it managed to subsequently get a ‘special permission’ to enhance its borrowing limit, mainly to meet the redemptions in the six debt schemes that were shut in April 2020.
This has been revealed in investor complaints to the Finance Ministry, the Central Vigilance Commission (CVC) and SEBI’s vigilance department highlighting that FTMF got special permission to hike the borrowing of the debt schemes from 30 per cent to 40 per cent just one day before it announced the controversial decision to shut them. The complaints have drawn data from FTMF’s own disclosures to the court including SEBI’s special permission.