At present, the matter pertaining to the wind-up of the six debt schemes of FT MF and investors’ grievances is being heard in the Karnataka Hig Court.
The hearings are likely to weigh various aspects of the matter, including the current regulatory framework on wind-up of schemes, and whether all the regulatory provisions were followed and was there a need to take a prior approval from Sebi.
The six wind-up schemes of Franklin MF have so far received Rs 6,072 crore in payments and pre-payments from underlying bonds. The fund house is yet to start the refund process as the e-voting by unitholders has got stayed with matter being sub-judice.
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