Reset the norms

Franklin Templeton saga calls for better regulation

The Securities and Exchange Board of India (Sebi) has issued a strongly-worded 100-page final order on Monday, holding fund house Franklin Templeton India guilty of wrong-doing and mismanagement in six of its debt schemes. The schemes were closed in April last year, with Franklin Templeton citing severe market dislocation and illiquidity caused by the pandemic. The order, which is certain to be taken to the Securities Appellate Tribunal, debars the asset management company (AMC) from launching any new debt schemes for two years and imposes a fine of Rs 5 crore. Sebi has also ordered the AMC to return management