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Friday, January 04, 2013

Franklin Templeton MF to Suspend Plan & Options under Few of its Schemes

With effect from 31 December 2012 

Franklin Templeton Mutual Fund has announced that the sale of units (including switch-in) under some of the plans / options of the following schemes will stand suspended effective 31 December 2012. 

Templeton India Income Builder Account (TIIBA): Under Plan B – All options (annual dividend option, half yearly dividend option, quarterly dividend option, monthly dividend option, growth option and bonus option, sale of units will be suspended. 

FT India Monthly Income Plan (FTMIP): Under Plan B – All options (quarterly dividend option, monthly dividend option, growth option and bonus option, sale of units will be suspended. 

Templeton India Short Term Income Plan (TISTIP): Retail Plan – Bonus Option, sale of units will be suspended. 

In case of TIIBA and FTMIP
Any subscription or switch-in application received on or after 31 December 2012 in Plan B being suspended will, by default, be deemed to have been received in the respective options of Plan A of the respective scheme and will be processed accordingly. 

Effective 31 December 2012, for the dividend / bonus declared (if any) in any of the suspended options of Plan B, the unit holders registered under dividend reinvestment option / bonus option will be allotted units of the respective option of Plan A of the respective scheme towards the amount of dividend / bonus. Further, systematic investment plans (SIP), systematic transfer plans – in (STP-in) and dividend transfer plans – in (DTP-in) registered in Plan B will continue under the Plan A of the respective scheme for the balance tenure. 

The existing units balance in the suspended Plan B will continue under the same plans and redemptions (including switch-out) would continue to be processed. Existing systematic transfer plans – out (STP – out) or systematic withdrawal plan (SWP) registered in Plan B will continue under the same plan until sufficient balance (free from any lock-in or encumbrances) is available in the account. Post that, the same will continue under the Plan A of the respective scheme for the balance tenure. 

The minimum amounts for fresh purchase in the retained Plan A of TIIBA and FTMIP will be Rs 10000. 

In case of TISTIP
 
SIP, STP-in and DTP-in registered in the suspended bonus options of retail plan will continue to be processed for the balance tenure. Further, allotment of units pursuant to issue of bonus declared in the said option would also continue. 

Redemptions (including switch-out) would continue to be processed under the suspended option. Existing STP-out or SWP registered in the suspended option will continue under the same option for the balance tenure provided sufficient balance (free from any lock-in or encumbrances) is available in the account.
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