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Franklin Templeton migrates to CAMS, suspends transactions over weekend

Franklin Templeton's migration will bring down the number of mutual fund RTAs in India to just two - CAMS and KFintech (Photo: Mint)Premium
Franklin Templeton's migration will bring down the number of mutual fund RTAs in India to just two - CAMS and KFintech (Photo: Mint)

  • An RTA keeps records of investors, provides transaction and holding statements and processes changes of details such as nominee, second holder or transmission of units in case of death. Franklin Templeton Mutual Fund has an 'in-house' RTA which is being replaced by CAMS

MUMBAI: Franklin Templeton Mutual Fund has informed investors that it will be migrating to Computer Age Management Services (CAMS) as its registrar and transfer agent, and hence transactions will be suspended over the 17-18 July weekend.

An RTA keeps records of investors, provides transaction and holding statements and processes changes of details such as nominee, second holder or transmission of units in case of death. Franklin Templeton Mutual Fund has an 'in-house' RTA which is being replaced by CAMS.

This migration will bring down the number of mutual fund RTAs in India to just two -- CAMS and KFintech. The latter was previously known as Karvy Fintech and was part of the Karvy Group before being acquired by private equity player General Atlantic. CAMS has a roughly 70% market share in the RTA business.

"As a part of the transition process to CAMS, our back-office operations, service support, call center and transaction services across our website, mobile app, and WhatsApp, will be unavailable between 8 PM on July 16, 2021 to 9 AM on July 19, 2021. Additionally, Instant Redemptions will not be available from 3 PM on July 16, 2021 to 9 AM on July 19, 2021. We will be available to service you again starting 9 AM on Monday, July 19, 2021. Please plan your investment-related activities accordingly. Regret the inconvenience caused," a Franklin Templeton Mutual Fund spokesperson told Mint.

Franklin Templeton Mutual Fund made a payment of 3,302 crores this week as part of the winding-up process for 6 debt funds frozen on 23 April 2020. According to the aforesaid spokesperson, this would mark the return of 21,080 crore cumulatively although unit holders in some schemes have received more than others depending on the level of recovery in the paper held by the scheme in question. The combined corpus of the 6 frozen schemes on 23rd April was roughly 26,000 crore. The winding-up is being supervised and conducted by SBI Funds Management Pvt Ltd.

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