• SENSEX
    NIFTY 50
VIDEOS
Market

SEBI investigates insider trade in Franklin Templeton India; serves show cause notice to Vivek Kudva

Updated : March 03, 2021 03:18 PM IST

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.
cnbc two logos
To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more
Live TV

recommended for you

Advertisement