SEBI permits time for Franklin Templeton MF audit

To begin with, SEBI permits extended time for the audit. Certainly, Franklin Templeton perceived more time for the investigation of mutual fund schemes.

So then, the market regulator has given the auditor Chokshi & Chokshi. Hence, it has received extended time until the end of July or the first week of August to submit its findings. 

On the other hand, SEBI (Securities and Exchange Board of India) demanded an investigation around a month ago into these six schemes by Franklin Templeton. 

Besides, Mumbai-based Chokshi & Chokshi comes about to submit its findings in the first week of July. 

Earlier, the Gujarat HC on June 3rd issued a stay order on the e-voting process. So then, Templeton had initiated for choosing either its trustees or Deloitte for the winding-up process of the schemes. Henceforth, postponing the audit report would further delay the e-voting process which remained scheduled between June 9th and 11th. 

Besides, the fund house also filed a transfer petition in the SC. By the same token, the fund house ought to transfer all the cases to the Delhi High Court. Rather appearing as separate cases in the Gujarat and Madras High Courts. On the other hand, the SC said these cases would now remain transferred to the Karnataka High Court. It also informed the Franklin Templeton that the matter might earn a hearing within the next three months. 

Likewise, the Gujarat HC also postponed the Letters Patent Appeal (LPA) filed by the capital market regulator, SEBI against the HC order. 

While this LPA remained filed at a division bench of the same HC that issued the stay order, hence, the court has adjourned the case to June 23rd. Certainly, now that the SC has transferred all the cases to Karnataka HC, even the LPA would get heard in the same HC.