India's market regulator fined Franklin Templeton India's trustee, chief executive and officials, including fund mangers, on Monday for violating rules while overseeing credit funds that unexpectedly shut down last year.
The Securities and Exchange Board of India said chief executive Sanjay Sapre failed to address the risk of illiquid underlying portfolios while fund managers did not ensure funds were invested in the best interest of unitholders.It fined the fund manager's trustee and eight Franklin India officials, including Sapre, a total of 150 million rupees - only a week after fining the investment giant 50 million rupees for lapses and violations related to the funds.
Franklin has faced regulatory investigations and court battles since April 2020 when it unexpectedly wound up six credit funds in India with assets of close to US$4 billion, citing a lack of liquidity amid the coronavirus pandemic.Advertisement
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