The Franklin Templeton Mutual Fund, which closed six plans in April 2020, has said that no adverse findings have yet come against the fund house or its employees or management.
This comes after a report by the market regulator Securities and Exchange Board of India (SEBI), which issued a show cause notice to the fund house and its officials, including the behavior of the fund house, risk management, inter-scheme transfer and by employees and management In relation to personal transactions. , among others.
“We have given a detailed response to the show cause notice issued by SEBI,” said Sanjay Sapre, president of Franklin Templeton Asset Management (India) Private Limited. Ltd, said in a letter to investors. He said, “We cannot go into the details of our reactions, but we believe that we have acted in compliance with the applicable rules and regulations and we are defended from the allegations.” ”
In relation to allegations of personal transactions of employees and management, the fund house said that such matters have been taken seriously. Mr Sapre said in the letter on Friday that personal redemption was being reviewed by some before the winding-up decision and that those individuals have fully cooperated in that process and have given detailed responses to SEBI.
He adds “plans under the winding-up continue to have significant investment from employees and management of Franklin Templeton”.
He stated that these issues remain under regulatory review, and “we are constrained to comment on specific details at this point, but can confirm that to date, there are no adverse findings against Franklin Templeton, its employees or management has come”.
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