Franklin Templeton Mutual Fund has stated that it is committed to the Indian market and has no intention of exiting this market.
The company closed six debt funds on April 2020.
In some media reports, it was claimed that the American mutual fund company Franklin Templeton is preparing to leave India. She told market regulator SEBI that if she does not have a fair and impartial hearing, she will exit the Indian market. However, now Franklin Templeton Mutual Fund has said that it is committed to the Indian market and has no intention of exiting this market.
Franklin Templeton closed its six debt funds in April 2020 amid the Corona epidemic. At that time the company had said that this decision has been taken due to lack of liquidity. Asset under management of these schemes was around 25000 crores. He has been in constant discussion since then. On the news coming out of the market, Sanjay Sapre, president of Franklin Templeton Asset Management (India) Private Limited, said in a letter to investors, “We have no intention of exiting Indian business. The news related to the sale of our business in India is wrong and rumored. ”He said that Franklin Templeton is fully committed to India.
Negotiations are on with the government
Sapre said that Franklin Templeton had entered the Indian mutual fund industry in the beginning. At a time when many other global asset managers were deciding to leave, we remained in the industry at that time. However, he did not deny reports that the company was in talks with government officials. Sapere said, “In India and other countries of the world, we keep talking with governments. Many other companies also do this. We make the relevant governments, departments aware of the developments and will continue to do so even further. ”
These six schemes were discontinued
Among the six schemes that Franklin Templeton Mutual Fund closed, Franklin India Low Duration Fund, Franklin India Dynamic Accrual Fund, Franklin India Credit Risk Fund (Franklin India Credit) Risk Fund, Franklin India Short Term Income Plan, Franklin India Ultra Short Bond Fund and Franklin India Income Opportunities Fund had gone. The total assets under management of these schemes were Rs 25,000 crore.
Schemes were discontinued on 23 April 2020
Recently, the company said that since its six schemes were closed in April, till date, Rs 15,272 crore has been received in the form of maturity, pre-payments and coupon payments. These plans were discontinued in April. The Franklin Templeton Mutual Fund closed six debt mutual fund schemes on April 23, 2020 amid withdrawal pressure.
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