NEW DELHI :
FRANKLIN Templeton Asset Management (India) has said that it has complied with the conditions prescribed by the Securities Appellate Tribunal (SAT) in its order pertaining to the restrictions imposed by SEBI on the fund house. On June 28, SAT had stayed SEBI’s decision to bar Franklin Templeton India from launching new debt schemes for two years. In a letter to investors, Sanjay Sapre, the President, Franklin Templeton Asset Management (India) Pvt. Ltd. said: “The restriction on launching any new debt schemes for a period of two years shall remain stayed during the pendency of the appeal.
We have complied with the conditions prescribed in the SAT order and the matter is listed on August 30, 2021, for further hearing.” On the SC’s July 14 judgment on the winding up of schemes, Sapre that the judgement confirms the decision of the High Court of Karnataka that the Trustee has the authority to take a decision to wind up a scheme under regulation 39 (2) (a), but must seek investor consent under regulation 18 (15)c after taking such a decision. “We believe the judgement of the Supreme Court offers much needed clarity on the winding-up process.”