Post payment, the total disbursements will reach Rs 25,114 crore, which is 99.6 per cent of the assets under management (AUM) as on April 23, 2020, when the fund house announced the closure of the schemes. “We are now pleased to inform you that SBI Funds Management Private Limited (SBI MF) will disburse the next tranche of INR 1,115.55 crore to the unitholders in all the six schemes. As per the advice of the Court Appointed Liquidator (SBI MF), those Payment to all investors, whose account is KYC compliant with all the details available, will start from 22nd November 2021. After this payment, the schemes have refunded INR 25,114.39 crores to the unitholders amounting to 99.60% of AUM as on 23rd April, 2020. would have done it.” Franklin Templeton spokesperson.
The amount to be paid to the unitholders will be calculated and paid as per the table below:
Extinguishing proportionate units at NAV on 18 November 2021.
Franklin Templeton’s communication stated that the payment would be made electronically by SBI MF to all eligible unitholders. If the unitholders’ bank account is not eligible for electronic payment, a cheque/demand draft will be issued and sent by SBI MF to their registered address. Also, unitholders whose distributable amount is less than Re 1, will not receive any payment.
Earlier in March, the Supreme Court had accepted the standard operating procedure (SOP) finalized by SBI MF for monetizing assets and disbursing proceeds to unitholders of six loan schemes. Franklin Templeton Mutual Fund, The fund house had closed six of its debt mutual fund schemes on April 23, 2020, citing redemption pressure and lack of liquidity in the bond market.