Franklin Templeton India funds closed, investors money stuck
Franklin Templeton India funds closed, investors money stuck
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The impact of the economic crisis created due to Coronavirus epidemic in India is now beginning to intensify on the mutual fund market as well. Mutual fund house Franklin Templeton India has fallen heavily on its customers. The company has closed its six debt funds. That is, now customers cannot do any transaction in these funds. According to a Bloomberg report, about 30,800 crore rupees ($ 4.1 billion) of investors are stuck with the company due to the closure of six debt funds by Franklin Templeton India. This is a major hit for the company's customers amid the Coronavirus crisis.

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Franklin Templeton India caused loss due to the outbreak of Covid-19 Franklin India Templeton Low Duration Fund, Franklin India Templeton Income Opportunity Fund, Franklin India Templeton Credit Risk Fund, Franklin India Templeton Short Term Income Plan, Franklin India Templeton Short Bond Fund and Franklin India Templeton Dynamic AQ Iyl fund is closed.

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Regarding this matter, the company says that due to the circumstances created due to Covid-19, investors pulled out rapidly, which led to a cash crisis with the company. The company says that the securities of all these funds will be sold due to redemption pressure. This is the first case when a fund house has closed its schemes due to coronavirus situation. Franklin Templeton Mutual Fund said in a statement late on Thursday, "There has been a continuous and dramatic decline in liquidity in some segments of the corporate bond market due to the lockdown in India to prevent the spread of the covid-19 crisis and its transition. Mutual funds and especially the fixed income segment have seen frequent and huge redemptions.

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