The regulator’s failure to act in time against the fund house has resulted in investors turning to the courts for redress.
Nine months on, 315,600 mutual fund investors in Franklin Templeton India are exactly where they were on 24 April 2020, when the asset management company decided to shut down its suite of six debt mutual fund schemes.
The schemes, with assets under management of just under Rs 25,900 crore, remain closed for redemptions under the so-called winding up process, which entails selling and monetization of underlying bonds to make payment to investors. So far, the AMC, the regulator and the courts have given no indication of when investors will get back their money.
Clarity may emerge on Monday when the …
Jayshree is a former writer at The Morning Context. As journalist, she had nearly a decade of experience across Mint, Business Standard and Bloomberg TV India. The bulk of her career has been devoted to tracking the capital markets regulator, exchanges, regulatory policies, financial scams and corporate governance issues. One of her biggest breaking stories was her incisive coverage of the colocation scam which put the lapses at NSE in the public domain.
jayshree@mailtmc.com