Franklin Templeton issues apology to Sebi for global chief's remarks

Stung by the comments made by the global chief, market regulator on Thursday issued a press release defending the new rules it introduced in October last year

Franklin Templeton on Friday issued an apology to the Securities and Exchange Board of India (Sebi) for remarks made by its global chief that regulatory tightening caused the winding up of its schemes.

The fund house said the remarks made during its quarterly earnings call by Jenny Johnson, president and CEO of Franklin Templeton, were quoted “out of context”.

“We deeply regret any unintended slight this may have caused to the esteemed offices of Sebi, whom we have always held in the highest regard, and unconditionally apologise for the same,” said Sanjay Sapre, president of Franklin Templeton AMC, the India arm.