FT wants to raise limit to launch overseas funds

Kolkata, Feb 13: Franklin Templeton, a leading global investment management company, has applied to SEBI for raising its limit from US 0 million to introduce overseas funds in India.

Speaking to mediapersons on the sidelines of a press conference here today, Franklin Templeton President Vivek Kudva said,''We have already applied to SEBI and are waiting for approval.'' The company is also planning to launch an equity based open-ended mutual fund product in March.

Mr Kudva said, ''We are planning to launch this product soon.'' The company's Asset Under Management(AUM) is around Rs 23,000 crore.

Franklin Templeton Investments has recently opened its new campus in Hyderabad that is expected to become the firm's largest location in the world, he mentioned.

The 380,000 square feet facility at Gachibawli, built with an investment of million, would serve as an offshore support centre for the operations and technology groups in Franklin Templeton's offices worldwide. The campus would accommodate 1,800 employees.

''The Hyderabad campus is poised to become the single largest global sourcing location of Franklin Templeton in the world,'' he said. Presently the company's headquarters is at San Mateo, California.

Franklin Templeton is the fifth largest investment management company in India. It has over .5 billion in assets under management with two million shareholders.

It has invested billion in Indian securities and has 33 sales and service offices with a presence in 100 cities in the country.

He said that opportunities in the Indian market were huge with robust economic environment, strong GDP growth rate, increasing savings rate, rapidly expanding middle class and the recently privatised Indian mutual fund industry.

UNI