The investors of Franklin Templeton Mutual Fund have sent a notice to SEBI, Mr. Ajay Tyagi, Chairman SEBI, G Mahalingam Whole Time Member, S V Murali Dhar Rao, Executive Director, Madhabi Puri Buch, Whole Time Member, S. K. Mohanty, Whole Time Member and Ananta Barua, Whole Time Member.
The investors are seeking that it appoints an administrator to oversee the management of the fund house and evolve a mechanism for timely payouts to unit holders.
The notice also sought proactive and immediate action by SEBI to prevent blatant and continued violations of SEBI (Mutual Fund) Regulations, 1996 by M/s Franklin Templeton in which it has failed for more than 35 days locking up 35000 Crores of wealth of 3.5 Lakh Investors.
It also included demands like Issue necessary directions to M/s Franklin Templeton AMC to immediately make good all amounts that have been paid and repatriated by it to M/s Franklin Resources Inc.
