Market regulator Securities and Exchange Board of India (SEBI) has served a show cause notice to Vivek Kudva, Head of APAC Distribution at Franklin Templeton and asked him to appear before it on March 15. The notice has been served on alleged insider trading by key management personnel in schemes that have now been wound-up.
Between March 1 and April 23, 2020, there were 23 instances of redemptions by six key personnel amounting to Rs 56 crore. Vivek Kudva and his family are said to have redeemed units upwards of Rs 30 crore between March 6 and April 3, 2020.
Also, Mywish Marketplace, an associate company of Franklin Templeton, in 2016 had raised about $15 million from Franklin Templeton Services. This company too has redeemed units worth Rs 22 crore between March 6 and March 11, 2020.
While Mywish Marketplace could not have access to this, President of Franklin Templeton India AMC Sanjay Sapre and Director of Franklin Templeton Services India Alok Sethi are directors at Mywish Marketplace.To know more, watch the video.