Lawstreet Journal

Notice Issued to Franklin Templeton MF, SEBI by Madras High Court in Response to PIL Seeking Protection of Investors’ Money Stuck in Six Schemes

Lawstreet Journal 31 May 2020 12:33am

Image courtesy: Lawstreet Journal Judiciary Notice Issued to Franklin Templeton MF, SEBI by Madras High Court in Response to PIL Seeking Protection of Investors’ Money Stuck in Six Schemes

The crisis-hit Franklin Templeton Mutual Fund and SEBI have been issued a notice by the Madras High Court after a petition was filed by an investors group to safeguard nearly Rs 28,000 crore of investors’ money stuck in six schemes shut down by the fund house, as reported by the statement. 

The said statement issued by the Investor group also revealed that it is separately launching an online petition to bring together all affected investors and the same would be forwarded to the Prime Minister’s Office as well as the US parent of the fund house and the US markets regulator SEC. 

Adding to the statement, it was said that mutual funds and fund managers should be made to answer questions on their choice of investment, and compliance with regulatory and prudential norms, among others.   

The Chennai Financial Markets Accountability (CFMA), an investors group on Thursday (May 28,2020) issued a statement and said that the Madras High Court on May 26, 2020 has issued notices to SEBI, Franklin Templeton Asset Management India Pvt Ltd, the trustees of the mutual fund, its President Sanjay Sapre, CIO for fixed income Santosh Kamath and other key management personnel after the PIL was issued.  

The seriousness of the matter was taken into cognizance by the High Court since money of the common public amounting to Rs 28,000 crore is at risk of getting wiped off. It also asked SEBI to file their reply, along with the status report of the actions taken at the earliest. 

In their admission,… Continue Reading...


Tagged: SEBI   Securities and Exchange Board of India (SEBI)   Franklin Templeton  
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