On Tuesday, Franklin Templeton Asset Management, India has said that it strongly disagrees with the findings in Sebi’s order in the case of winding of six debt schemes in 2020 and has decided to challenge the direction in Securities Appellate Tribunal (SAT).
Sebi, on Monday, barred Franklin Templeton Asset Management (India) from launching any new debt scheme for two years and imposed a penalty of Rs 5 crore for violating regulatory norms in the case of winding up of six debt schemes in 2020.
Also, it has been asked to refund investment management and advisory fees of over Rs 512 crore (including interest) collected with respect to the six debt schemes. This amount will be used to repay unitholders, as per Sebi order.
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Reacting to Sebi’s order, a Franklin Templeton spokesperson said, “We strongly disagree with the findings in the Sebi order and intend to file an appeal with the Hon’ble Securities Appellate Tribunal”.
