Unitholders of Franklin Templeton Mutual Fund will get refund from six discontinued schemes
SBI Funds Management (SBI MF) will disburse the eighth tranche of Rs 985 crore to the unitholders of six discontinued schemes of Franklin Templeton Mutual Fund from Monday.
Post payment, the total disbursements will reach Rs 26,098.2 crore, which is 103.5 per cent of the assets under management (AUM) as on April 23, 2020, when the fund house announced the closure of the schemes, said Franklin Templeton MF spokesperson . Sunday.
A total of Rs 25,114 crore has been disbursed in 6 schemes under closure.
Under the first disbursement in February, investors got Rs 9,122 crore, while in April, investors got Rs 2,962 crore, May Rs 2,489 crore, June Rs 3,205 crore, July Rs 3,303 crore, September Rs 2,918 crore and Rs 1,115 crore. been paid. crore in November
“SBI Fund Management Private Limited (SBI MF) will disburse the next tranche of Rs 983.81 crore to the unitholders in all the six schemes,” the spokesperson said.
He said that for investors whose accounts are compliant with all the details available under KYC, their payment will start from November 22.
He said that the amount to be distributed to the unitholders would be paid by liquidating the proportionate units on the net asset value on December 14 this year.
The payment will be made electronically to all eligible unitholders by SBI MF, which has been appointed by the Supreme Court as the liquidator for the schemes under winding up.
If the unitholders’ bank account is not eligible for electronic payment, a check or demand draft will be issued and sent by SBI MF to their registered address.
In March, the Supreme Court accepted the standard operating procedure (SOP) by SBI MF to monetise assets and distribute proceeds to unitholders of six debt schemes of Franklin Templeton Mutual Fund.
The fund house closed its six debt mutual fund schemes on April 23, 2020, citing redemption pressure and lack of liquidity in the bond market.
The schemes – 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 – combined yield estimates of over Rs 25,000 Was. crores as AUM.
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