Citizen Responsibility
Franklin Templeton Evoting :The nitty-gritty
Franklin Templeton has some good news this Christmas .Sometime back I wrote about the mysterious case of six Franklin templeton funds which were being wound up.
It was unprecedented.A lot of things in 2020 continue to be that. But what’s unprecedented in a good way is they seem to be walking the talk to make things better .
The Good news from Franklin Templeton
Once the unit holders vote, the process of giving back their money will kick in place .
I have forever felt the need for investing in a planned manner to keep my portfolio well diversified and still making money.COVID 19 kinda crashed us all.But our economy is resilient and four of the six funds are already cash positive.You can read about the timeline for that here.
Mr.Sanjay Sapre(President ,FT India) is confident that other two will swim to shore soon.
When asked about how they are going about rebuilding the trust back in their brand,Mr.Sapre said ,
“Whatever I say will make no effect till the investors get their money back in their banks. We understand that.That’qs why we are working towards exactly that.”
The intentions and words are on track .But as Mr.Sapre said ,they need to walk the talk and that’s where this bit of news is definitely on the right track.
But nothing like that happens easily. The right to wind up the funds were challenged in court and now the Supreme Court has given the go ahead to organize the e-voting. The first step to formally wind up is notify the unit holder about voting .
Must know Facts about the Evoting
- Voting will happen online.Evoting dates 26-28 December (timing Indian standard time).
- Unitholder meeting on 29th December :Video conference.
- The second unit holder video meeting will only be for those fund owners where the majority vote is yes vote.
- Information sent online through the registered phone number or email address for the unitholder.
- One fund one vote
- You can vote yes or no
- If you are not able to vote its a null vote and not counted in anyways.
- Simple majority means more than half (50%) of votes cast will determine voting results.
- E-voting entire process conducted by Kfintech now.
Details :All that you want to know about FT E-voting
What happens if you vote yes?
Bottomline:You voting yes would pave the way forward for Franklin templeton,to get your money back .
The nitty gritty –
You vote for an orderly winding up with a chance of getting a fair return from the assets.During the e-video meeting a trustee will be appointed for oversees process. No distress sales at all.The schemes are wound up in an orderly manner without hurrying.
You can find the FT update for each of the six funds and e-voting link below.
https://www.franklintempletonindia.com/investor/market-insights/winding-up-of-specific-schemes
What happens when you vote no?
Scheme is opened up.Sales and redemption options are possible.Human tendency will be towards the obvious.
Rush of redemption will cause emergency liquidation of portfolio securities.
Free fall of NAV possible
Loss possible .
- Important to note that without a registered email id or phone number with kfintech or Franklin templeton, you will not be qable to vote.
- Login credentials will be sent by registered email or phone number .
- You will get separate email for seperate schemes.
- One PAN one vote per scheme .More folio doesn’t mean more votes.Eeach unit holder one vote.
- Votes once cast can’t be changed
- Email to primary holder for jointly held schemes .
- Email will be sent to minors who own funds.
- If investors face technical error in casting vote they may reach out to K Fintech on 18003454001.
Hoping the new year will help the Fund owners get more good news .
Counting Blessings on Kojagiri Purnima
This 2020 is difficult for everyone. My mom was hospitalized recently and my daughter was very ill in the early part of 2020.
Through all this,what keeps me going is praying hard and trusting good doctors including my Pediatrician husband.
I realized how blessed we are to have a network of professionals whom we know and can vouch for.
That’s not easy for most people.That’s the reason I share about people and places which helped.
Shout out to Dr.Tirtha Pratim Purkait Physician for excellent care.
Ruby hospital Kolkata.
Medinova Kolkata and Sonoscan Malda for giving excellent help and support when we needed it.
Praying, counting blessings, is another thing that helps me when I have done everything I can ,then need to be patient.That’s where one of my favorite Goddess to pray to is Goddess Laxmi.
The Bengali Laxmi puja falls on Sharad poornima or Kojagari purnima which falls on the 30th of October this month.
That’s tomorrow and my daughter is excited to help out with all the puja preparations.
Whatever be your faith,having kids pray along with you, is the best way to give them the inner strength to stand strong even in troubled times.
A few days back I was telling my daughter a few tips for praying.Sharing them here.Maybe it help when you need it-
Pray continuously .It’s a part of life.Your relationship with your God is personal but praying will always help it.
It should be focused.You should concentrate.
It should be playing at the back of your mind like a prayer audio track.
Have faith .
Avoid negative self talk.Pick them up and throw them out of your brain.
I am a Doctor and believe that man can only do his best.Rest is in the hands of a higher power .
Always praying to God but rowing for the shore .
