The SAT had earlier stayed SEBI's decision to restrain Franklin Templeton from launching any new debt schemes for a period of 2 years and to refund a little over Rs 512 crore.
The apex court had on 2 February ordered that Rs 9,122 crore be disbursed within 3 weeks to the unit holders of the schemes, in proportion to the holders' interest in the assets.
For years now, faith in the integrity of India's markets has hemorrhaged, with everyone putting own commercial interests above — and often against — those of investors.
The top court had on 9 December asked SEBI to appoint an observer for overseeing the e-voting process with regard to winding up Franklin Templeton's six mutual fund schemes.
Franklin Templeton shut six of its fixed-income and credit-risk funds run in India in April, locking in Rs 308 billion of investor monies following a liquidity crisis.
The hurdles facing India’s biggest-ever forced fund closure means about 300,000 unitholders may have to wait longer to recoup the money invested in the six frozen funds.
The company's India unit had shut six debt schemes last month in the country’s biggest-ever fund freeze, which triggered shock waves in local credit markets.
India’s situation is contrary to global markets where junk bond sales are thriving after monetary authorities said they would buy such securities directly.
Disenfranchisement by institutional fiat is profoundly undemocratic. The effect of the ECI's new documentary process in Bihar will tilt the scales in favour of the BJP.
Mini deal will likely see no cut in 10% baseline tariff on Indian exports announced by Trump on 2 April, it is learnt, but additional 26% tariffs are set to be reduced.
India-Russia JV is also racing to deliver 7,000 more AK-203 assault rifles by 15 Aug. These are currently being made with 50% indigenisation and this will surge to 100% by 31 December.
Public, loud, upfront, filled with impropriety and high praise sometimes laced with insults. This is what we call Trumplomacy. But the larger objective is the same: American supremacy.
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