CFMA claims, Franklin Templeton may be like 10 more mutual funds – cfma may claim franklin templeton as 10 more mutual funds

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| Updated: 30 Jan 2021, 07:41:00 PM

New Delhi, Jan 30 (Language) Chennai Financial Markets and Accountability (CFMA), an investor body, has urged the Supreme Court to help investors investing in Franklin Templeton’s closed schemes. The CFMA claims that the condition of more than 10 mutual fund companies may be similar to Franklin Templeton’s, causing a loss of Rs 15 lakh crore to investors. The CFMA said in a statement issued on Saturday that the only hope for the three crore unitholders of various mutual fund schemes is the courts. While not disclosing the source behind his claim

New Delhi, Jan 30 (Language) Chennai Financial Markets and Accountability (CFMA), an investor body, has urged the Supreme Court to help investors investing in Franklin Templeton’s closed schemes. The CFMA claims that the condition of more than 10 mutual fund companies may be similar to Franklin Templeton’s, causing a loss of Rs 15 lakh crore to investors. The CFMA said in a statement issued on Saturday that the only hope for the three crore unitholders of various mutual fund schemes is the courts. While not disclosing the formula behind the backing of its claim, CFMA said, it has been reported that more than 10 more mutual funds want to transfer their losses to unitholders. They are only waiting for the decision of the Supreme Court. The Supreme Court is hearing various petitions in this regard. One of these petitions has been filed by Franklin Templeton against the decision of the Karnataka High Court. The High Court has prohibited the company from closing its debt or bond schemes without the prior consent of investors. Franklin Templeton MF announced the closure of six of its loan plans on April 23, 2020 citing withdrawal pressures and lack of liquidity in the bond market.

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