So far, the fund house has distributed Rs 14,572.34 crore among the investors concerned in three tranches.

Franklin Templeton Investment
Money Debt Scheme Monday, June 07, 2021 - 14:21
Written by  IANS

The unitholders of the six shut schemes of the Franklin Templeton Mutual Fund will get Rs 3,205.25 crore in the week starting from Monday. So far, the fund house has distributed Rs 14,572.34 crore among the investors concerned in three tranches.

"Rs 3,205.25 crore of cash is available for distribution as of June 4, 2021 and is being paid to investors in the week commencing June 7, 2021, bringing the total amount distributed to Rs 17,777.59 crores," Sanjay Sapre, President, Franklin Templeton Asset Management (India) Pvt. Ltd, said in a letter to the investors.

He noted that the fund house has received questions around the recent volatility in NAV in some of is fixed income schemes including the schemes under winding up. "I would like to assure you that these changes are basis changes in the market prices or valuations of these securities and are not indicative of any downgrades or defaults in the portfolio securities, or of any write-down in value," he wrote.

Sapre said that Franklin Templeton continues to grow its India business and offer innovative services to our investors during these times of restricted mobility. "A key focus over the last several months has been on returning monies to unit holders of the six fixed income schemes under winding up as quickly as possible and since March 2021, by supporting the court appointed liquidator, SBI Funds Management (SBI MF) in this process," he added.

Earlier in April, Franklin Templeton India President Sapre had confirmed that the company has no plans to exit the India business. In a letter to investors, Sapre had described the reports of a likely exit as speculations and rumours. "At the outset, I wish to clarify and reiterate that Franklin Templeton's commitment to India remains steadfast. We were early entrants in the Indian mutual fund industry and have remained a part of the industry even while many other global asset managers decided to leave," he said.