SAT allows Franklin Trustee, staffers to deposit 50% of penal amount

Tribunal says balance will not be collected till pendency of appeal

The Securities Appellate Tribunal (SAT) on Thursday provided interim relief to top officials of Franklin Templeton Mutual fund (MF) and its trustee by staying an order passed by market regulator Securities and Exchange Board of India (Sebi) against the fund house.

The tribunal has asked the officials and trustee of the fund house to deposit 50 per cent of the penalty imposed by Sebi within three weeks in an escrow account. The balance it said shall not be recovered until the pendency of the appeal.

The appellate will now take up this issue along with the appeal of Franklin MF