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Early this week, the market regulator restricted the fund house from launching any debt scheme for two years even as it imposed a penalty of Rs 5 crore
Read more about Franklin Templeton moves to calm Indian investors after new debt fund ban on Business Standard. SEBI barred Franklin from launching any new debt schemes for two years after a probe into its sudden closure of six credit funds last year found serious lapses and violations
Allaying investors fears, Franklin Templeton AMC has said Sebi s order prohibiting the company from launching new debt funds will have no bearing on existing schemes managed by it.
Sebi on Monday barred Franklin Templeton Asset Management (India) from launching any new debt scheme for two years and imposed a penalty of Rs 5 crore for violating regulatory norms in the case of winding up of six debt schemes in 2020. Also, it has been asked to refund investment management and advisory fees of over Rs 512 crore (including interest) collected with respect to the six debt schemes. This amount will be used to repay unitholders, as per Sebi order.
Franklin Templeton India has informed unit holders of the debt schemes shut last year that SEBI s latest order barring the fund house from launching any new debt scheme for two years, along with imposition of penalty on the company, will not bear any effect on the ongoing monetisation process of the shut schemes.