March 29, 2024 13:00 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
PM Modi has mastered art of manipulating democracy, hurting Constitution: Mallikarjun Kharge | Mafia-turned-politician Mukhtar Ansari dies of cardiac arrest at 63 | NIA arrests key conspirator in Bengaluru cafe blast case | Actor Govinda returns to politics after 14 years of 'vanvas', joins Eknath Shinde camp | 'To browbeat and bully others is vintage Congress culture': PM posts after 600 lawyers write to CJI
Franklin Templeton: P Chidambram urges Centre to act promptly, quickly to resolve issue

Franklin Templeton: P Chidambram urges Centre to act promptly, quickly to resolve issue

India Blooms News Service | @indiablooms | 25 Apr 2020, 11:14 am

New Delhi/UNI: Former Finance Minister P Chidambaram, on Saturday said Franklin Templeton Mutual Fund’s decision to wind up six debt schemes is a matter of grave concern to the investors, mutual fund industry and the financial markets.

In a statement issued in early in the day, the senior Congress leader said that a similar situation arose in the first week of October 2008, during the global financial crisis, when mutual funds faced liquidity stress.

“Government immediately consulted RBI, SEBI, IBA, AMFI and others. An urgent meeting of the FSDC was convened and a solution was found by the end of the day. On the next morning, officers of RBI and SEBI met at 0800 hrs and RBI announced a 14-day special repo facility and allowed an additional 0.5 per cent of NDTL. The situation was resolved”, he recalled.

He further said that “fortunately, the markets will be closed today and tomorrow. I expect that the government will act promptly and resolve the situation quickly”.

The former finance minister’s statement came after Franklin Templeton, one of the oldest asset management company’s announcements to the closure of six funds.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.
Related Images
PM Modi in Bhutan 22 Mar 2024, 06:53 pm
PM Modi in Tamil Nadu 28 Feb 2024, 07:07 pm