Wednesday, March 22, 2023

Franklin Templeton: ‘Enforcement Directorate searches Franklin Templeton officials’ – Usky News

Bengaluru: India’s federal financial crime agency Enforcement Directorate (ED) conducted raids on Thursday. Franklin Templeton India officials in Mumbai, former and current, told Reuters on Thursday about the closure of some funds in 2020.
ED is raiding Vivek KudvaSources said Franklin Templeton’s former Asia Pacific head, his wife Roopa Kudva, who is also the managing partner of Omidyar Network India, as well as Franklin Templeton’s chief investment officer Santosh Kamath, among others.
The searches are being conducted in connection with the closure of six loan schemes by Franklin Templeton in April 2020, which it attributed to lack of liquidity due to the impact of Covid-19 on the markets.
However, the Securities and Exchange Board of India (SEBI) in June 2021 held the fund house and its officials guilty of mismanagement. Vivek and Roopa Kudva Was held guilty of withdrawing his own investments before the winding up of the schemes.
The fund house and its officials have challenged the Sebi order and the matter is being heard by the Securities Appellate Tribunal (SAT).
Vivek and Roopa Kudva could not be immediately reached for comment.
A Franklin Templeton spokesperson did not directly respond to queries on the ED’s action in an emailed reply, but said the firm is cooperating with all regulatory and statutory authorities, including by providing necessary data and information.
The spokesperson added that, as of March 16, five of the six funds that were closed have returned more than 100% of assets under management at the time of closure.


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