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Investors of this mutual fund got Rs 21000 crores, 6 schemes had to be closed

Investors of this mutual fund got Rs 21000 crores, 6 schemes had to be closed
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Investors of this mutual fund got Rs 21000 crores, 6 schemes had to be closed

Investors of this mutual fund got Rs 21000 crores, 6 schemes had to be closed

Giving information on Wednesday, Franklin Templeton Mutual Fund said that it has so far returned more than Rs 21,000 crore to the unit holders of six defunct debt schemes. This is a big relief to those investors whose rupee is stuck in these mutual funds for a long time.

This amount is 84 per cent of the company’s AUM as on April 23, 2020. On the same day the company announced the closure of its six debt mutual fund schemes. The company had announced the closure of the schemes citing market release pressure and lack of liquidity. In addition, Rs 1,111 crore of cash was available for distribution till July 31 this year, said Sanjay Sapre, Chairman, Franklin Templeton Asset Management (India) Pvt Ltd, in a letter to investors.

Franklin Templeton has invested Rs 25,000 crore in these six schemes – Franklin India Low Duration Fund, Franklin India Dynamic Accrual Fund, Franklin India Credit Risk Fund, Franklin India Short Term Income Plan, Franklin India Ultra Short Bond Fund, and Franklin India Income Opportunities Fund. There was an under-management asset of Rs.

A total of Rs 21,080 crore has been disbursed in five phases by SBI Funds Management Private Limited (SBI MF) to the unit holders of six discontinued schemes. SBI MF was appointed by the Supreme Court as the liquidator for these six schemes. In the first installment released in February, Rs 9,122 crore was released to investors. This was followed by Rs 2,962 crore in April, Rs 2,489 crore in May, Rs 3,205 crore in June and Rs 3,303 crore in July.

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