Expressing its discontent over SEBI’s latest order in which the market regulator has imposed fine of over Rs.21 crore on employees like CEOs, fund managers and senior officials, directors and entities, Franklin Templeton Mutual Fund said that it disagrees with the findings in the SEBI order penalizing the top management and intends to move to the Securities Appellate Tribunal (SAT) against the order.
The fund house said, “Based on our initial review of the order, we are considering all options with regard to next steps which may include filing an appeal before the Hon’ble Securities Appellate Tribunal (SAT)," said the spokesperson of the fund house.”
On Monday, SEBI has fined 11 people including the president of the AMC Sanjay Sapre and CIO Santosh Kamath.
The fund house said that it has been focusing on distributing money to unitholders. So far, the six schemes under winding up have distributed Rs. 17,778 crore to unitholders, comprising 71% of the AUM of INR 25,214 crore, said the fund house.
