NEW DELHI: SBI Funds Management (SBI MF) will distribute the next tranche of Rs 2,489 crore to unitholders of Franklin Templeton Mutual Fund‘s six shuttered schemes in this week from Monday.
SBI MF has already distributed Rs 12,084 crore to traders. This included Rs 2,962 crore distributed throughout the week of April 12.
“We are pleased to now inform you that SBI Funds Management Pvt Ltd (SBI MF) would be distributing the next tranche of Rs 2,488.75 crore to unitholders across all six schemes. The payment to all investors whose accounts are KYC compliant with all details available will be made during the week of May 3, 2021,” a Franklin Templeton MF spokesperson mentioned on Sunday.
The quantity to be paid to unitholders will likely be paid by extinguishing proportionate items on the web asset worth dated April 30, this 12 months, he added.
The fee will likely be made electronically to all eligible unitholders by SBI MF, which has been appointed because the liquidator for the schemes beneath winding up by the Supreme Court.
In case the unitholders’ checking account just isn’t eligible for an digital fee, a cheque or demand draft will likely be issued and despatched to their registered deal with by SBI MF.
In March, the Supreme Court accepted the usual working process (SOP) finalised by SBI MF to monetise belongings and distribute the proceeds to unitholders of the six debt schemes of Franklin Templeton Mutual Fund.
Franklin Templeton MF shut its six debt mutual fund schemes in April, 2020 citing redemption pressures and lack of liquidity in the bond market.
The schemes — Franklin India Low Duration Fund, Franklin India Dynamic Accrual Fund, Franklin India Credit Risk Fund, Franklin India Short Term Income Plan, Franklin India Ultra Short Bond Fund, and Franklin India Income Opportunities Fund — collectively had estimated Rs 25,000 crore as belongings beneath administration (AUM).
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