Debt Fund Crisis at Franklin Templeton – Can it Bounce Back?
Code : ITF0042 |
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INTRODUCTION: Avinash Satwalekar (Avinash), country head of Franklin Templeton-Malaysia, relocated to India in April 2022 and in June 2022, took over as President of Franklin Templeton Asset Management (India) Ltd. (FTI) . Earlier in April 2022, while interacting with a group of journalists, Avinash was grilled by them for his views on a decision taken by his predecessor in 2020. The journalists were referring to a decision taken by the then FTI President, Sanjay Sapre (Sanjay), who on April 23, 2020, announced the sudden closure of FTI’s six open-ended debt mutual funds which invested in high-yield, high-risk securities with a total asset under management of nearly $3.5 billion . The late-night announcement sent shock waves through the funds’ investor community and all the stakeholders of India’s mutual fund ecosystem and had financial, judicial and, ethical ramifications |
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