[Franklin Templeton Case] SEBI Was A Silent Spectator; Prompt Action Was Needed : Karnataka High Court
4 years, 5 months ago

[Franklin Templeton Case] SEBI Was A Silent Spectator; Prompt Action Was Needed : Karnataka High Court

Live Law  

In its judgment restraining Franklin Templeton from proceeding on notices issued for winding up of six debt schemes without obtaining the consent from unit investors, the Karnataka High Court has pulled up the Securities and Exchange Board of India for failing to act promptly to sustain the confidence of the investors. As a watchdog, SEBI was expected to play a very proactive role by questioning AMC, Trustees and Sponsor about the compliances with the provisions of the Mutual Funds Regulations." Narrating the facts of the case, the court said "SEBI was not even possessing a copy of the resolution dated 23rd April 2020 passed by the Board of Directors of the Trustees providing for winding up. SEBI failed to reply to the letter dated 20th April 2020 addressed by the Trustees, in which, permission and guidance of SEBI was sought for winding up of the Schemes.

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History of this topic

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The Hindu  

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Live Law  

The Supreme Court has held that that the Securities and Exchange Board of India has the power to intervene in case of violations and incorrect decisions taken by trustees to wind-up schemes, as well as to prevent any intermediary from behaving in a manner that may be detrimental to investors.A bench comprising Justices S Abdul Nazeer and Sanjiv Khanna held …

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3 years, 9 months ago

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ABP News  

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4 years, 1 month ago

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Live Law  

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4 years, 3 months ago

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Live Law  

Securities & Exchange Board of India has appointed an Observer regarding e-voting of unit holders of six schemes of Franklin Templeton Mutual Fund.This comes in light of an order passed by top court of December 9, 2020 whereby the top court had also directed that the result of the e-voting would not be announced and would be produced before the …

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4 years, 3 months ago

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News 18  

The Supreme Court on Wednesday asked the Securities and Exchange Board of India to appoint an observer for overseeing the e-voting process, scheduled in the last week of December, for winding up of Franklin Templeton’s six mutual fund schemes. The apex court is hearing an appeal filed by Franklin Templeton against the Karnataka High Court order which stopped the fund …

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4 years, 4 months ago

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Live Law  

Franklin Templeton Mutual Fund has moved the Supreme Court, challenging a Karnataka high court order according to which the decision to wind down six debt schemes required simple majority consent from unit investors.Franklin has stated that in May 2020, the trustees had sought a vote by unit investors for validly undertaking an orderly sale of the debt securities held in …

[Breaking] Karnataka High Court Restrains Franklin Templeton From Proceeding With Winding Up Of Schemes Without Obtaining Consent Of Investors
4 years, 5 months ago

[Breaking] Karnataka High Court Restrains Franklin Templeton From Proceeding With Winding Up Of Schemes Without Obtaining Consent Of Investors

Live Law  

The High Court of Karnataka on Saturday restrained Franklin Templeton Investments from proceeding with the winding up of debt fund schemes without obtaining the consent of unit investors.A division bench of Chief Justice AS Oka and Justice Justice Ashok S Kinagi held a special sitting on Saturday to pronounce the verdict in petitions challenging the winding up of six debt …

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4 years, 6 months ago

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Live Mint  

The stock market regulator has questioned Franklin Templeton India’s tardiness in taking timely action to prevent the shuttering of its six debt schemes in April, two people aware of the matter said. The Securities and Exchange Board of India sent two sets of queries to the fund manager based on a forensic audit of its investments, the people cited above …

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India TV News  

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The Hindu  

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