Franklin Templeton Mutual Fund said on Friday that its commitment to India remains ‘stable’ and the fund house has no plans to exit its operations in the country.
This comes after media reports that the diplomatic route was sought for the diplomatic route by the US headquarters of the fund house suggested to intervene, including a hearing by market regulator SEBI in an investigation related to six lending schemes. According to reports, Franklin Templeton threatened to leave India if he did not conduct a fair trial. In a letter to investors, Franklin Templeton Asset Management (India) Pvt. Limited Chairman Sanjay Sapre said, “We have no plans to exit our India business. Otherwise, the suggestion of any rumors around the sale of merchandise in India is incorrect and is simply a rumor. He said that Franklin Templeton was an early entrant in the Indian mutual fund industry and also cast several other global asset managers, deciding to leave.
However, he did not deny reports of his involvement with government officials.
“Our engagement with government officials, both in India and globally, is similar … as we are doing.” He said that the intention of continuing the existing cases is to bring them to a reasonable and satisfactory conclusion.
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