Sebi's role in Franklin Templeton crisis draws ire of Karnataka HC

Sebi did not possess copy of April 23 resolution on winding up passed by FT Trustees board of directors, did not respond to e-mail of April 14 sent by AMC, court observes

The Securities and Exchange Board of India (Sebi) has drawn flak from the Karnataka High Court (HC) for its handling of the Franklin Templeton (FT) crisis that led the asset manager to shut six of its debt schemes.

Sebi did not possess a copy of the resolution dated April 23 passed by the board of directors of FT trustees providing for winding up and did not respond to the email of April 14 sent by the asset management company (AMC), the court observed in its judgment on Saturday.

Sebi also failed to reply to the letter dated April 20 addressed by the