Sebi Fines Franklin Templeton India's Trustee And CEO For Violating Rules

Tuesday, 15 June 2021Newsdesk

The market regulator has fined Franklin Templeton India's trustee, chief executive and officials, including fund mangers, on Monday for violating rules while overseeing credit funds that unexpectedly shut down last year.

New Delhi, 15 June 2021

As per news report of NDTV, the Securities and Exchange Board of India (SEBI) said chief executive Sanjay Sapre failed to address the risk of illiquid underlying portfolios, while fund managers did not ensure funds were invested in the best interest of unitholders.Sebi fined the fund manager's trustee and eight Franklin India officials, including Sapre, a total of ₹ 150 million ($2 million) - only a week after fining the investment giant ₹ 50 million for lapses and violations related to the funds. The trustee - Franklin Templeton Trustee Services - said in a statement to Reuters that it disagreed with SEBI's findings and intended to appeal.

Source -NDTV