Sun. Dec 4th, 2022

Fxtriangle | Market analysis | Managed trading

Fxtriangle will make Fx trading look easy.

Franklin Templeton didn’t take Sebi nod before winding up schemes

2 min read

Franklin Templeton India did not take any approval from the Securities and Exchange Board of India (Sebi) before it decided to shut down its six debt schemes, a right to information (RTI) reply has revealed.

This gives a fresh twist to the issue as the asset management company (AMC) had claimed that it had kept the regulator informed about the winding up of the schemes at every step. The AMC had decided to shut down its suite of six debt schemes on 23 April following severe illiquidity and redemption pressures due to covid-19.

The reply was to an RTI query by an investor of Franklin Templeton, the Khambatta family (promoter director of Rasna). They were the petitioners in the case filed in Gujarat high court, where they claimed that the winding up decision required the consent of investors.

The petition led to a stay on the winding up process on 8 June. This petition, along with three others, is being heard regularly by the Karnataka high court for quicker resolution of investor grievances against the fund house.

In the RTI query, the Khambatta family said Franklin Templeton, before the Gujarat high court and in a special leave petition in Supreme Court, claimed that the winding up of the six schemes took place after taking appropriate permissions from Sebi.

The Khambattas sought information pertaining to the date on which the permission for winding up of the schemes was applied for, date on which it was granted and documentary evidence of any deliberation on the permission.

Leave a Reply

Forex trading and any instruments related to Foreign Exchange Market are Speculative and carry substantial risk of loss of either partial equity or the entire deposit amount. Leverage adds up to the risk, before considering to invest in this venture, you should first consider your financial position and may seek the help of an independent financial advisor. FXtriangle dis-recommends the usage of loan instruments to trade in this market as it can hamper financial position. Please do not invest the money that you cannot afford to lose. FXtriangle provides all its services throughout the Globe Excluding (Nigeria, British Virgin Island & the Islamic Republic of Iran) and also provides limited service in some jurisdictions where investment in Overseas markets / Fx Exchanges are prohibited by Law If you are not sure to contact us before using any of our services. FXtriangle acts as an Independent Corporate Financial Advisor and connects you to various overseas exchanges and cannot be held liable for any financial damage occurring through their side. All of our partnered institutions are regulated in various jurisdictions.FXtriangle conducts an independent background check before partnering with any institutions to fulfill your investment objectives smoothly. The usage of our Business name, Logo or any trademark in any financial forum, website, review website, complaint arena, Billboards without our written permission will attract lawsuits.