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Franklin Templeton Trustee Services Private Limited voluntarily decided to wind up its suite of six fixed income funds on April 23, 2020. The decision was taken in light of the severe market dislocation and illiquidity caused by the Covid-19 pandemic but it was taken with the objective of safeguarding the interest of our investors.
We are in constant endeavor to enable orderly exit for investors in these unprecedented circumstances. We are committed to our investors and the India business. This page is dedicated to update you on all the information on the winding up of six schemes including 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, Franklin India Income Opportunities Fund.

DISTRIBUTION PROCESS OF INR 9,122 CRORES IN FIVE OF THE SIX SCHEMES UNDER WINDING UP AS DIRECTED BY THE HON’BLE SUPREME COURT

The distribution of available cash (INR 9,122 crores as of January 15, 2021, scheme wise split below) will be undertaken by SBI Funds Management Pvt. Ltd. (SBI) as directed by the Hon’ble Supreme Court. Franklin Templeton has started working closely with SBI and we are providing the necessary assistance to ensure distribution of available cash at the earliest.

Please find below the process of distribution of monies for the aforesaid schemes under winding up:

  • Payment will be made by extinguishing proportionate units at the prevailing NAV on the date of processing.
  • Payment to all investors whose accounts are KYC compliant with all details available will be made during the week of 15 February 2021. Please click here to check the status of your account in the schemes under winding up. Please note that the distribution for the unitholders, whose PAN/KYC, FATCA/UBO, Minor through guardian or Transmission details / documentation are not available/invalid, will be made after completion of the regulatory/ compliance requirements.
  • Payment will be made by SBI from the bank accounts (one per scheme) opened by them for this purpose.
  • Payment will be made electronically to all eligible investors.
  • In case your bank account is not eligible for an electronic payment, a Demand Draft / Cheque will be issued and sent to your registered address.
  • You will receive an account statement from Franklin Templeton showing the details of units extinguished and payment made.
    1. Capital Gains statements will also be made available. You may request the same via our website, call centre or from your registered email ID.
    2. Franklin Templeton will be responsible for deduction of TDS and issue of TDS certificates for NRI investors.
  • Franklin Templeton will assist with query resolution, unclaimed payments or any other payment issues.

If you have queries or need any assistance, please write to us at service@franklintempleton.com or call our toll-free investor helplines 1-800-258-4255 or 1-800-425-4255 from 8 a.m. to 9 p.m. Monday to Saturday.

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