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Sebi probes redemptions, role of board members, trustees at Franklin

Looks at issues flagged in forensic audit after Franklin Templeton wound up 6 schemes
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11 Sep 2020 3 Mins Read 0 comment
“Franklin Templeton has replied to Sebi on the findings of the forensic audit report. Sebi is examining the responses,” said a source. BCCL
“Franklin Templeton has replied to Sebi on the findings of the forensic audit report. Sebi is examining the responses,” said a source.
Mumbai: Securities and Exchange Board of India (Sebi) is examining a raft of tricky issues that have cropped up in a forensic audit carried out after Franklin Templeton (FT) shut down six mutual fund schemes on April 23. These pertain to redemptions in the six schemes in the months before FT announced their winding up, accommodation of long-term securities in
rules to categorise debt mutual funds, Sebi had laid down the duration of the securities but had not specified the ratings for debt scheme papers. It was further reported that large portions of investments in the funds in question comprised bonds and securities issued by companies belonging to certain business groups. Besides the schemes had sizeable exposure to unlisted papers.
Mumbai: Securities and Exchange Board of India (Sebi) is examining a raft of tricky issues that have cropped up in a forensic audit carried out after Franklin Templeton (FT) shut down six mutual fund schemes on April 23. These pertain to redemptions in the six schemes in the months before FT announced their winding up, accommodation of long-term securities in rules to categorise debt mutual funds, Sebi had laid down the duration of the securities but had not specified the ratings for debt scheme papers. It was further reported that large portions of investments in the funds in question comprised bonds and securities issued by companies belonging to certain business groups. Besides the schemes had sizeable exposure to unlisted papers.

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