FT MF says over Rs 14,500 cr returned to investors from 6 closed programs

(FT) Mutual Fund said on Wednesday it had returned Rs 14,572 crore to unitholders in its six closed programs.

This represents 58% of the assets under management of the six plans on April 23, 2020 – when the fund company decided to liquidate the debt plans citing liquidity constraints. FT said it has another Rs 2,642 crore for distribution.

The six plans being wound up include the Franklin India Ultra Short Bond Fund, the Franklin India Low Duration Fund, the Franklin India Short Term Income Plan, the Franklin India Income Opportunities Fund, the Franklin India Credit Risk Fund and the Franklin India Dynamic Accrual. Fund.

The amount distributed as of May 31 is between 26% and 87% of assets under management before the liquidation decision.

As part of the first disbursement in February, investors received Rs 9,122 crore, while Rs 2,962 crore was paid to investors during the week of April 12 and in the last disbursement during the week of May 3, investors received Rs 2,489 crore.

In March, the Supreme Court accepted the Standard Operating Procedure (SOP) finalized by SBI Mutual Fund to monetize the assets and distribute the proceeds to unitholders of the six debt programs of MF.

SBI MF has been appointed liquidator of the plans in liquidation by the Cour de cassation.

Dear reader,

Business Standard has always strived to provide up-to-date information and commentary on developments that matter to you and have broader political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these difficult times resulting from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative views and cutting-edge commentary on relevant current issues.
However, we have a demand.

As we fight the economic impact of the pandemic, we need your support even more so that we can continue to provide you with more quality content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscriptions to our online content can only help us achieve the goals of providing you with even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital editor

Leave a Reply

Your email address will not be published. Required fields are marked *