ED conducts searchs on Franklin Templeton MF officials: sources
The Hindu
In November 2020, the SEBI had issued a show-cause notice to the company following its April 2020 decision to wind up six debt schemes having ₹25,000 crore of AUM from 3 lakh investors
The Enforcement Directorate (ED) is conducting searches on March 16 on the premises linked to the officials of the Franklin Templeton Mutual Fund (MF), according to sources.
The searches are also underway in Mumbai and Chennai, sources said.
In November 2020, the Securities and Exchange Board of India (SEBI) had issued a show-cause notice to the company following its April 2020 decision to wind up six debt schemes having ₹25,000 crore of AUM from 3 lakh investors, citing liquidity challenges because of the pandemic.
Eventually, the company was asked to pay ₹5 crore as penalty, return over ₹450 crore collected as 22-month investment management and advisory fees, and was banned from launching new debt schemes for alleged irregularities in running six of its debt schemes.
The company had challenged the decision in tribunals and courts, and also returned a bulk of the investments.
In April 2020, the company decided to wind up six debt funds with combined assets under management of almost ₹26,000 crore. It said this had been done on account of illiquid, low-rated instruments in their portfolio. The schemes that were shut are Franklin India Low Duration 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 Opportunities Fund.
More details to follow.
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