Franklin Templeton: SBI Funds completes distribution

SBI Funds Management has completed the process of distributing the surplus cash of ₹9,122 crore in five of the six debt schemes of Franklin Templeton that are being wound up. It will soon seek the Supreme Court approval for the standard operating procedure prepared to sell the assets in the debt schemes, said sources close to the development.

Last time when the plan for distribution of surplus asset was submitted to the Apex court it was cleared within a day, he added.

The Ultra Short Bond and Low Duration Funds have distributed the highest surplus cash of ₹5,075 crore and ₹1,625 crore. They have another ₹475 crore and ₹65 crore cash left out for distribution as of February 15.

The Dynamic Accrual and Credit Risk funds repaid ₹1,025 crore and ₹926 crore while Short Term Income Plan had distributed ₹469 crore. These funds have another ₹15 crore, ₹52 crore and ₹146 crore for distribution. The loan outstanding in Income Opportunities Fund was ₹79 crore.

Investors in these schemes who have not received money have to update their KYC with the Franklin Templeton.

As per the Supreme Court judgement, SBI Funds Management was mandated the task of surplus cash distribution to about 3 lakh investors in the five of the six debt schemes that have turned cash positive. The Supreme Court also directed SBI Funds to sell the assets and distribute to investors.