How to get Money back from Franklin Templeton closed Mutual fund schemes Rs 9122 Crores (Update)
Almost 10 months after wind up of Franklin Templeton six fixed income funds on April 23, 2020, supreme court upheld the decision by striking off a suit on E voting and cleared a way for distribution of 9122 crores in Only five scheme where as one scheme may not get anything as it has to pay off debts.
FT has created a seperated page for updates on these sixe 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.
The distribution of available cash INR 9,122 crores as of January 15, 2021, scheme wise split below) will be adminstered by SBI Funds Management Pvt. Ltd. (SBI) as directed by the Hon’ble Supreme Court.
As released guidelines by FT the process of distribution of funds for the above 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.
- Capital Gains statements will also be made available. You may request the same via our website, call centre or from your registered email ID.
- Franklin Templeton will be responsible for deduction of TDS and issue of TDS certificates for NRI investors.
If you have queries or need any assistance, please reach at [email protected] or call at toll-free investor helplines 1-800-258-4255 or 1-800-425-4255 from 8 a.m. to 9 p.m. Monday to Saturday