SBI Fund Management (SBI MF) will distribute the fifth tranche RS 3,303 Crore for Unitholders from six Shuttered schemes Franklin Templeton Mutual Funds for a week starting Monday. With this, total disbursement will reach Rs 21,080 Crore, 84 percent of assets under management (AUM) on April 23, 2020, said Temaron MF Franklin said on Sunday.
Under the first raid in February, investors received RS 9,122 Crore, while Rs 2,962 Crore was paid to investors during the April 12, Rs 2,489 Crore during Sunday May 3 and in the latest disbursement for June 7, investors paid Rs 3,205 Crore.
“SBI Fund Management PVT Ltd (SBI MF) will distribute Tranche by Rs 3,302.75 Crore to Unitholders in all six schemes. Payments to all investors who are KYC in accordance with all available details will be carried out during the 12th week of July., 2021,” said the spokesman.
The amount to be distributed to Unitholders will be paid by extinguishing the unit proportional to the net asset value on July 9, this year, he added. Payments will be carried out electronically for all unitholders who qualify by SBI MF, which has been appointed as a liquidator for the scheme invited by the Supreme Court.
If the Unitholders Bank account does not qualify for electronic payments, the draft check or request will be issued and sent to the registered address by SBI MF. In March, the Supreme Court received a standard operating procedure (SOP) which was resolved by SBI MF to monetize assets and distribute results for unitholders from six Franklin Templeton mutual fund debt schemes.
Franklin Templeton MF closed six debt funding schemes on April 23, 2020, quoting the pressure of exchange and lack of liquidity in the bond market. Scheme – Basic Low Duration of Franklin India, Dynamic Franklin Indian accrual funds, Indian Franklin Credit Risk Fund, Indian Franklin Short Term Income Plan, Franklin India Short Bond Ultra Fund, and Franklin Indian Income Opportunities – together have around Rs 25,000 Crore as Demse Aum.