Finance

Shut schemes of Franklin Templeton MF receive Rs 708 crore

Franklin Templeton has received additional cash flows of Rs 708 crore in six of its shut schemes between August 1 and 14. With this, the fund house has received cash flows of Rs 4,988 crore in these six schemes from maturities, pre-payments, and coupon payments since the announcement of the closure of these schemes in April 23.

The six schemes which the fund house proposed to wind up are were 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.

Franklin Templeton decided to shut these six schemes on April 23, citing the adverse conditions in the bond market due to Covid-19 pandemic and poor liquidity. Unit holders have challenged the decision in court. The fund house cannot pay unitholders till the court directs it do so. The e-voting and the unitholders meet continue to remain suspended till the fund house gets till they get further directions from the Karnataka High Court.

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