Investors Want Paper Ballots in Franklin MF Voting, Overseen by Ex-CECs

Business Standard Investors want paper ballots in Franklin MF voting, overseen by ex-CECs

Investor association seeks changes in Franklin Templeton voting process.

An investor association has written to the stock market regulator seeking offline voting options to decide on the winding up of six schemes of Franklin Templeton Asset Management (India). Voting is set to happen electronically between December 26th to December 28th. This is to be followed by a virtual meeting through video conferencing.

Postal ballots would help senior citizens and others who are not as conversant with electronic means, according to the letter that Midas Touch Investors Association sent to the regulator dated December 8th. The paper trail makes the process more transparent suggested the note. “…consent be obtained through post, which could be identified and subsequently verified easily, to set doubts, if any, at rest. In addition, voting through electronic medium be made optional,” said a statement from association president Virendra Jain.

The Supreme Court had earlier asked the Securities and Exchange Board of India (Sebi) appoint an observer to oversee the process.

“Sebi shall appoint an observer regarding the e-voting of unit holders which is scheduled between 26th December to 29th December, 2020… It is made clear that the trustees are undertaking the exercise of e-voting and Sebi in terms of our directions is appointing an observer,” said the Supreme Court order dated 9th December.