Sebi seeks time to file counter in High Court on PIL against Franklin MF

The PIL had been filed by an investor protection society in response to the abrupt winding up six debt schemes worth Rs 28,000 crore of assets under management by the fund house

The Securities and Exchange Board of India (Sebi) has sought time from the Madras High Cout to file a counter affidavit or status report on a Public Interest Litigation (PIL) filed by Chennai Financial Markets Accountability (CFMA) against Franklin Templeton Mutual Fund. 

The PIL had been filed in response to the abrupt winding up six debt schemes worth Rs 28,000 crore of assets under management by the fund house.

CFMA, a society in Chennai to protect the interest of investors, alleged that the anticipated loss to unit-holders is estimated to be around Rs 22,400 crore as against the fee of