Franklin Templeton called the news of leaving India absolutely baseless, said these things
Highlights
- We are not leaving India
- The company will reinvent the brand
- The company has 20 lakh investors
Franklin Templeton: Asset management firm Franklin Templeton on Tuesday rubbished reports of leaving India and said it will rebuild its beleaguered brand. Avinash Satwalekar, president of the company’s Indian arm, told reporters here, “I can say this very clearly that we are not leaving India. Leaving India would be a foolish move. However, Satwalekar acknowledged that there is speculation about Franklin Templeton exiting India after several other foreign companies exited the Indian market. But he made it clear that the company has no such plans.
company is making profit
He said the company, which has been in India for 26 years, has under-management assets of Rs 56,000 crore from 20 lakh investors and is operating extremely profitable. Markets regulator SEBI had imposed a fine of Rs 5 crore on the company. The company had closed six of its plans in April, 2020. Three lakh investors had deposits of Rs 25,000 crore in these schemes. The company has appealed against this order in the Securities Appellate Tribunal (SAT). Satwalekar said that he will rebuild the company’s brand. All concerned will be contacted for this. He added that the company will launch the product regularly over the next six-12 months.
Six schemes were closed
Franklin Templeton Mutual Fund had earlier announced the closure of six schemes. The company had said that it has cash available to the extent of Rs 231.13 crore to be distributed among the unit holders of the six discontinued debt schemes. So far this mutual fund company has disbursed Rs 26,098 crore under these six schemes. Franklin Templeton discontinued these plans on April 23, 2020. Sanjay Sapre, Chairman, Franklin Templeton Asset Management India Pvt Ltd, in a letter tried to assure investors. He had said that more than 100 per cent AUM tax has been refunded in five out of six schemes. He had said that efforts to encash the rest of the securities continued unabated and the AMC continued to support the monetization process being carried out by the court-appointed liquidator.
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