Franklin Templeton issues unconditional apology to Sebi
Published On: Friday, May 8, 2020 | By: Team KnowMyStock
Franklin Templeton Today (8th May 2020) issued an “unconditional apology” to market regulator Sebi over its global chief comments that regulatory tightening contributed to winding up of schemes. The fund house said the remarks made by Jenny Johnson, president, and CEO, Franklin Templeton during their quarterly earnings call were quoted “out of context” by media outlets. During an analysts call on 6th May 2020, Jenny Johnson, president, and CEO, Franklin Templeton had said “Unfortunately, Sebi came out with new guidelines saying that any investments in unlisted instruments in funds can’t have more than 10 percent in a fund, and you can’t trade them. So that orphaned about a third of our fund there.”
“In response to a question regarding the winding up of six schemes offered in India, Johnson was providing general background concerning Franklin Templeton’s experience in the Indian market as it existed before covid-19. The reference to the regulations around unlisted securities was intended to be a part of these background statements to provide context to an audience unfamiliar with Indian markets,” the fund house said in a statement.
Stung by the comments made by the global chief, sebi yesterday (7th May)ssued a press release defending the new rules it introduced in October last year. It also advised Franklin Templeton to return investors money stuck in the six schemes.
Tags: Franklin Templeton sebi
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