Odisha News, Odisha Latest news, Odisha Daily - OrissaPOST
  • Home
  • Trending
  • State
  • Metro
  • National
  • International
  • Business
  • Feature
  • Entertainment
  • Sports
  • More..
    • Odisha Special
    • Editorial
    • Opinion
    • Careers
    • Sci-Tech
    • Timeout
    • Horoscope
    • Today’s Pic
  • Video
  • Epaper
  • News in Odia
  • Home
  • Trending
  • State
  • Metro
  • National
  • International
  • Business
  • Feature
  • Entertainment
  • Sports
  • More..
    • Odisha Special
    • Editorial
    • Opinion
    • Careers
    • Sci-Tech
    • Timeout
    • Horoscope
    • Today’s Pic
  • Video
  • Epaper
  • News in Odia
No Result
View All Result
OrissaPOST - Odisha Latest news, English Daily -
No Result
View All Result

Over 10 mutual funds may go Franklin Templeton way causing Rs 15 lakh crore loss: Report

PTI
Updated: January 31st, 2021, 08:12 IST
in Business, Home News
0
Mutual funds
Share on FacebookShare on TwitterShare on WhatsAppShare on Linkedin

New Delhi:  Urging the Supreme Court to come to the rescue of people who had invested in now-closed Franklin Templeton schemes, investors’ body CFMA Saturday claimed more than 10 mutual funds may otherwise go the same way creating an MF pandemic comparable to the US subprime crisis.

In a press release, CFMA (Chennai Financial Markets & Accountability) said the judiciary is the only hope for over three crore unitholders of various mutual fund schemes in the country, including those who had invested in Franklin Templeton schemes.

Also Read

How to do bank statement analysis: A step-by-step guide

14 hours ago

Pak court sentences jail terms to 75 leaders, workers of Imran Khan’s party for May 9 riots

15 hours ago

Without disclosing the source of its information to back up its claim, CFMA said it has learned that more than 10 other mutual funds want to put their losses on unitholders’ heads and are only waiting for the Supreme Court verdict.

The apex court is hearing pleas, including one filed by Franklin Templeton against a Karnataka High Court order that stopped the fund house from winding up its debt fund schemes without the prior consent of the investors.       Franklin Templeton MF had announced closure of six debt schemes on April 23, 2020, citing redemption pressure and lack of liquidity in the bond market.

Capital market regulator Sebi had subsequently asked the fund house on multiple occasions to focus on repaying the investors at the earliest. These schemes had an estimated Rs 28,000 crore of investors’ money.

After the announcement of closure of these six schemes, several investors have filed complaints against the fund house, including with the regulatory authorities and the police, while a few went to courts also.               CFMA said that Franklin Templeton Mutual Fund’s abrupt decision to shut down six schemes left more than three lakh unitholders in the lurch and staring at over 50 per cent (nearly Rs 14,000 crore) erosion of their principal amount.

It further claimed that the mutual fund industry is staring at a potential loss of Rs 15 lakh crore if other fund houses decide to follow Franklin Templeton’s path.

Earlier, CFMA had said it was contemplating filing a class-action suit against the global fund house for recovery of money and to claim damages.

It has accused the fund house and its top management of conspiracy to defraud 3 lakh investors by causing wrongful loss to them and unlawful gain to themselves.

While denying the allegations, the fund house has maintained that there has been “no illegality, wrongdoing or misrepresentation” and that it had followed due process in making investment decisions as well as in the winding up of the schemes.”

PTI

Tags: Franklin TempletonMutual FundSEBI
ShareTweetSendShare
Suggest A Correction

Enter your email to get our daily news in your inbox.

 

OrissaPOST epaper Sunday POST OrissaPOST epaper

Click Here: Plastic Free Odisha

#MyPaperBagChallenge

Swarit Praharaj

December 12, 2019
#MyPaperBagChallenge

Akriti Negi

December 12, 2019
#MyPaperBagChallenge

Shreyanshu Bal

December 12, 2019
#MyPaperBagChallenge

Jhili Jena

December 12, 2019
#MyPaperBagChallenge

Nishikant Rout

December 12, 2019
#MyPaperBagChallenge

Rajashree Manasa Mohanty

December 12, 2019
#MyPaperBagChallenge

Praptimayee Biswal

December 12, 2019
#MyPaperBagChallenge

Smitarani Sahoo

December 12, 2019
#MyPaperBagChallenge

Arya Ayushman

December 12, 2019
#MyPaperBagChallenge

Chinmay Kumar Routray

December 12, 2019
#MyPaperBagChallenge

Sarmistha Nayak

December 12, 2019
#MyPaperBagChallenge

Rajashree Pravati Mohanty

December 12, 2019
#MyPaperBagChallenge

Lopali Pattnaik

December 12, 2019
#MyPaperBagChallenge

Subhajyoti Mohanty

December 12, 2019
#MyPaperBagChallenge

Debasis Mohanty

December 12, 2019
#MyPaperBagChallenge

Priyabrata Mohanty

December 12, 2019
#MyPaperBagChallenge

Parbati Mohanty

December 12, 2019
#MyPaperBagChallenge

Pratik Kumar Ghibela

December 12, 2019
#MyPaperBagChallenge

Sisirkumar Maharana

December 12, 2019
#MyPaperBagChallenge

Sitakanta Mohanty

December 12, 2019
#MyPaperBagChallenge

Ankita Balabantray

December 12, 2019
#MyPaperBagChallenge

Pragyan Priyambada

December 12, 2019
#MyPaperBagChallenge

Sarfraz Ahmad

December 12, 2019
#MyPaperBagChallenge

Vandana Singh

December 12, 2019
#MyPaperBagChallenge

Mandakini Dakua

December 12, 2019
#MyPaperBagChallenge

Subhajyoti Mohanty

December 12, 2019
#MyPaperBagChallenge

Bijswajit Pradhan

December 12, 2019
#MyPaperBagChallenge

Faiza Firdous

December 12, 2019
#MyPaperBagChallenge

Diptiranjan Biswal

December 12, 2019
#MyPaperBagChallenge

Pitabas Tripathy

December 12, 2019

Archives

Editorial

Hindi-Chini Bhai Bhai

August 26, 2025

This is a good moment for fruitful and significant interactions between India and China at the highest level when Prime...

Read moreDetails

Laws For Vindictiveness

OPiate
August 25, 2025

Three new Bills were introduced in the Lok Sabha by Union Home Minister Amit Shah shortly before Parliament adjourned last...

Read moreDetails

India’s Pak Policy

AAKAR PATEL
August 24, 2025

Problems between two parties can be resolved in one of only three ways. The first is through negotiation between these...

Read moreDetails

CIC on Life Support

Silent Shift
August 23, 2025

As of September 14, the Central Information Commission (CIC) may be headless. Chief Information Commissioner Heeralal Samariya retires, and unless...

Read moreDetails
  • Home
  • State
  • Metro
  • National
  • International
  • Business
  • Editorial
  • Opinion
  • Sports
  • About Us
  • Advertise
  • Contact Us
  • Jobs
Developed By Ratna Technology

© 2024 All rights Reserved by OrissaPOST

  • News in Odia
  • Orissa POST Epaper
  • Video
  • Home
  • Trending
  • Metro
  • State
  • Odisha Special
  • National
  • International
  • Sports
  • Business
  • Editorial
  • Entertainment
  • Horoscope
  • Careers
  • Feature
  • Today’s Pic
  • Opinion
  • Sci-Tech
  • About Us
  • Contact Us
  • Jobs

© 2024 All rights Reserved by OrissaPOST

    • News in Odia
    • Orissa POST Epaper
    • Video
    • Home
    • Trending
    • Metro
    • State
    • Odisha Special
    • National
    • International
    • Sports
    • Business
    • Editorial
    • Entertainment
    • Horoscope
    • Careers
    • Feature
    • Today’s Pic
    • Opinion
    • Sci-Tech
    • About Us
    • Contact Us
    • Jobs

    © 2024 All rights Reserved by OrissaPOST