On Thursday night, US-based mutual fund house Franklin Templeton gave bad news to its clients. Franklin Templeton India said that it was closing its six debt funds. Now investors will not be able to withdraw money from these funds. In this way, about 28 thousand crores of investors got stuck in these six debt funds. The company cited the coronavirus crisis and cash shortage due to lock down behind the closure of funds.
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After this decision of the company, now they will not be able to make any fresh purchases in these six debt funds. The money of existing investors will be locked in these funds. High net worth individuals, corporate investors and retail investors also invest in these funds due to higher returns than bank deposits. Now they too will not be able to withdraw money from these funds if needed in the time of crisis of this Kovid-19.
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For your information, please tell us that the company has Franklin India Templeton Low Duration Fund, Franklin India Templeton Income Opportunity Fund, Franklin India Templeton Credited Risk Fund, Franklin India Templeton Short Term Income Plan, Franklin India Templeton Short Bond Fund and Franklin India Templeton Dynamic Accurate The fund is closed.
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Market participants are worried that the current situation may affect other debt schemes as well. Fund managers and analysts say that Franklin Templeton’s decision will have a significant impact on the country’s mutual fund industry. Many economists believe that the relief measures announced by the government and the RBI are falling short in the country’s fight against the epidemic.
