Franklin Templeton to challenge Sebi order in Securities Appellate Tribunal

In response to the final report submitted by the Securities and Exchange Board of India in the matter of the shutting down of six Franklin Templeton schemes, the fund house has responded by saying that they will challenge the SEBI order in the Securities Appellate Tribunal. "We strongly disagree with the findings in the SEBI order and intend to file an appeal with the Hon’ble Securities Appellate Tribunal. We place great emphasis on compliance and believe that we have always acted in the best interest of unitholders and in accordance with regulations. Our commitment to India remains steadfast. As stated previously, the decision by the Trustee in April 2020 to wind up the funds was due to the severe market dislocation and illiquidity caused by the COVID-19 pandemic and was taken with the sole objective of preserving value for unitholders," Franklin Templeton said in a statement.

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