Franklin Templeton MF says returned Rs 21,000 crore to investors of 6 shuttered schemes
Cash to the tune of Rs 1,111 crore was available for distribution as of July 31 this year, Franklin Templeton Asset Management (India) Pvt Ltd Preside
Franklin Templeton Mutual Fund (MF) on Wednesday said it has returned over Rs 21,000 crore to unitholders of six shuttered debt schemes till date. This amounts to 84% of assets under management (AUM) as of April 23, 2020, when the fund house announced to shut its six debt mutual fund schemes, citing redemption pressures and lack of liquidity in the bond market.
Further, cash to the tune of Rs 1,111 crore was available for distribution as of July 31 this year, Franklin Templeton Asset Management (India) Pvt Ltd President Sanjay Sapre said.
The six schemes — Franklin India Low Duration Fund, Franklin India Dynamic Accrual Fund, Franklin India Credit Risk Fund, Franklin India Short Term Income Plan, Franklin India Ultra Short Bond Fund, and Franklin India Income Opportunities Fund — together had an estimated Rs 25,000 crore as assets under management (AUM).
A total of Rs 21,080 crore has been disbursed by SBI Funds Management Pvt Ltd (SBI MF) to the unitholders of six shuttered schemes in five tranches.
SBI MF was appointed as the liquidator for the schemes under winding up by the Supreme Court.