No plan to exit India, Franklin Templeton Chief tells investors

Statement follows reports that FT global head wrote to Indian ambassador that the asset manager would be forced to cut jobs and pull back India operations in case Sebi levies a large fine

US-headquartered asset manager Franklin Templeton has said it has no plan to exit its India operations.

In a letter to investors by Sanjay Sapre, President, Franklin Templeton Mutual Fund said “I wish to clarify and re-iterate that Franklin Templeton’s commitment to India remains steadfast. We were early entrants in the Indian mutual fund industry and have remained a part of the industry even while many other global asset managers decided to leave. Please let me assure you, we have no plans to exit our India business. Any speculation suggesting otherwise, or any rumours around sale of our business in India