Franklin Templeton will not consolidate its business in India

Popular mutual fund company Franklin Templeton has said that it is not going to wind up its business in India. The company's president Sanjay Sapre clarified on Friday that there were rumors of closure of the fund house or sale of it. 

Facing regulatory scrutiny after the closure of six debt mutual fund schemes, there are reports of the Indian business being shut down. Sapre denied such reports and said that the fund house is determined to continue business in India. 

Last year, the company closed six debt schemes on 23 April due to large amounts of investors' funds and lack of capital liquidity. The fund house has also faced a court hearing in this case. Currently, the capital market regulator SEBI is investigating the case. Franklin Templeton Mutual Fund reported that the six debt schemes closed had earnings of Rs 15,776 crore as of March 31, 2021.