The federal agency conducted searches on Chief Investment Officer Santosh Kamath, former Asia-Pacific distribution head Vivek Kudva, his wife Roopa Kudva, who is also managing partner, Omidyar Network India, as well as on former India president Sanjay Sapre, among others, informed sources.
The searches are in connection with irregularities regarding withdrawals of investments from six debt schemes before they were closed on April 23, 2020, which the asset manager had blamed on the lack of liquidity due to Covid-19's impact on the markets.
ED's latest action follows orders passed by the Securities and Exchange Board of India (Sebi) nearly two years ago.
THE STORY SO FAR
Franklin Templeton wound up six debt schemes in April 2020, citing liquidity issues
In June 2021, Sebi imposed a penalty of ₹5 crore on the fund house, ordered it to disgorge ₹512 crore
Fund house also banned from launching any new scheme for two years
This story is from the March 17, 2023 edition of Business Standard.
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This story is from the March 17, 2023 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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