Simply Save | Meet the 2 lawyers who took Franklin Templeton AMC to court
Moneycontrol’s Jash Kriplani talks to two lawyers, who represented investors that initially moved courts against Franklin Templeton
June 21, 2021 / 09:16 AM IST
The Securities and Exchange Board of India (SEBI) has released several orders against Franklin Templeton Asset Management Company (FT AMC), which it plans to appeal against.
SEBI in its orders has levied a penalty of Rs 512 crore against the FT AMC, as well penalties on various employees of the fund house.
These include the chief executive officer, chief investment officer, fund managers, compliance officer and the trustee company.
The SEBI orders will have implications not only for FT AMC, but also have wider impact on the mutual fund industry.
SEBI went through the forensic audit of the six wound-up schemes before passing its orders. There is a clear message in these orders that the regulations should not only be followed in letter, but also in spirit. The intention behind a regulation should also be taken seriously, that seems to be SEBI’s message for mutual fund industry.
Moneycontrol’s Jash Kriplani talks to Paritosh Gupta of Gupta Law Associates and Abhinav Shrivastava, co-founding partner at GSL Chambers and advocate-on-record at Supreme Court, who represented investors against FT AMC. They share with us what they think about SEBI orders and whether the penalties are enough?