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Franklin Templeton Mutual Fund has been asked by Capital markets regulator Sebi to focus on returning money to investors at the earliest after the troubled fund house closed six of its debt schemes with assets under management totalling more than Rs 25,000 crore.
Sebi also said “some mutual fund schemes” continued to invest in high risk and “opaque” debt securities despite the regulatory framework having been reviewed and amended for safeguarding investors’ interest after credit risk events noticed since September 2018, which had led to challenges in the corporate bond market.
In a statement as reported by a news agency , the regulator said it has accordingly “advised Franklin Templeton mutual fund (FT) to focus on returning money to investors, in the context of their winding up six of their debt schemes”.
