In the midst of the havoc of Corona, notice has been issued by the Madras High Court to the troubled mutual fund houses Franklin Templeton and Sebi. This notice has been sent after an investor group filed a petition in the court. Investors Group had filed a petition in the court for the protection of Rs 28,000 crore of investors trapped in six debt fund schemes closed by the fund house. Significantly, due to the Corona virus outbreak, the crisis-hit fund house closed its six debt fund schemes.
Regarding this matter, the Investors Group has said in a statement that they are also starting a separate online petition to bring all the affected investors together. The group said that this petition will be sent to the Prime Minister's Office as well as the US parent company of the fund house and the SEC for the US markets regulator.
For your information, let us tell you that in this statement issued on Thursday, Investors Group Chennai Financial Markets Accountability (CFMA) said that on May 26, after its filing a PIL, the Madras High Court had filed SEBI, Franklin Templeton Asset Management India Private Limited. (FTAMC), has issued notices to the trustees of the mutual fund, its chairman Sanjay Sapre, CIO (Fixed Income) Santosh Kamath and other key management officials. At the same time, considering the danger of about 28,000 crore rupees of the general public, the High Court understood the seriousness of this case and took cognizance of it. The court has asked Sebi to file a reply with a status report of the action. According to the Investors Group, Franklin Templeton has assumed that the recovery of funds in all six schemes will be in the range of 5 to 81 percent and will be in five years.
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