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Wednesday, Feb 14, 2007

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FT may stop sale, if overheated

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Kolkata, Feb. 13

Franklin Templeton, which about a year ago briefly suspended sale of one of its top products, may choose to consider such a move again if investors' interests are at stake, Mr Kudva said here on Tuesday.

The fund in question, Franklin India Prima Fund, was then faced with a large size and challenging market conditions.

Large short-term inflows into the fund would have been detrimental to the interests of its unitholders, it was felt.

Earlier, Reliance MF took a similar step with regard to Reliance Growth Fund.

FT accordingly had suspended sales for 6 months even though it allowed SIPs to continue.

However, it will keep in mind factors such as volatility and possible over-heating of the market before it weighs such a proposal, Mr Kudva clarified.

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