Funds Body Urges Investor Calm After Templeton Shuts Funds

25 Avril, 2020, 10:24 | Auteur: Auguste Feret

The mayhem in the debt market claimed its first victim with Franklin Templeton Mutual Fund deciding to close six debt schemes citing lack of liquidity in the debt market and unprecedented redemptions in these yield-oriented schemes.

"Such an extreme step by FTMF has created panic among their investors as well as mutual fund investors in other debt schemes across asset management companies", the Association of National Exchange Members of India (ANMI) said.

A day after Franklin Templeton Mutual Fund said it was winding down six of its debt funds with almost Rs 25,900 crore in total assets under management, fund industry leaders found themselves busy assuaging frayed nerves of investors, distributors and other stakeholders.

"This action is limited to the funds which have material direct exposure to the higher yielding, lower rated credit securities in India that have been the most impacted by the ongoing liquidity crisis in the market", stated a release by Franklin Templeton Mutual Fund. The schemes that have been shut are 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. According to AMFI chairman Nilesh Shah, there is almost Rs 7 lakh crore worth of liquidity in the banking system.

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"A majority of our funds should not have any impact on operations due to an isolated instance of winding down at one mutual fund", said Mr. Shah, while speaking to the media during the AMFI conference call.

Individual emails are being dispatched to the unitholders. The fund house has said that capital markets regulator Sebi was informed in advance about the decision, which has been taken to protect investor wealth.

The ANMI wrote to capital markets watchdog Sebi and the Ministry of Finance, seeking their intervention to "protect the hard earned savings" of lakhs of investors.

"An expert committee of mutual fund professionals should be formed by them to determine the precise problem in FTMF schemes", it said in a letter written on Friday.

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