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Franklin Templeton CEO, fund managers fined Rs 15 cr by SEBI; forensic audit reveals discrepancies

Capital markets regulator SEBI (Securities and Exchange Board of India) has fined Franklin Templeton Trustee Services; FT AMC CEO Sanjay Sapre; and seven others to the tune of Rs 15 crore, in the matter relating to the abrupt closure of six debt mutual funds schemes last year. SEBI in its order said that the evidence seen by it does not indicate that the Trustees had exercised high standards of service, exercised due diligence, ensured proper care and exercised independent professional judgment to address risks. Earlier last week, SEBI had fined Franklin Templeton and asked it to return Rs 512 crore in management and advisory fees to investors.

CEO, CIO, fund managers fined
The SEBI order imposes a Rs 3 crore penalty on Franklin Templeton Trustee Services and another Rs 2 crore each on Franklin Templeton AMC CEO, Sanjay Sapre and CIO Santosh Kamat. Further, the order has imposed a Rs 1.5 crore penalty each on Kunal Agarwal, Sumit Gupta, Pallab Roy, Sachin Padwal Desai, and Umesh Sharma — all fund managers. The market regulator has also fined Saurabh Gangrade, the Chief Compliance Officer of the firm Rs 50 lakh. The order said that the penalty has to be paid within 45 days.

“The serious lapses and violations clearly appear to be a fall out of the FT-MF’s obsession to run high yield strategies without due regard from the concomitant risk dimensions,” SEBI’s order said. They further added that the terms of investment covenants were apparently not in the interest of investors and the deficiencies in the agreements were sought to be corrected through a ‘commercial understanding’.

Forensic audit reveals discrepancies
In the forensic audit, ordered last year, SEBI found that in the six closed schemes there were similarities in investment strategy although the investment objectives were different. “This was observed by way of high exposures in “AA and below” Corporate bonds in all the six schemes even though investment objectives as per the SIDs of these schemes are different,” the market watchdog noted. The audit found that in 42 instances (for FI-UBF) and 17 instances (for FI-LDF), exit options were in fact not exercised where available.

The audit also revealed that there were discrepancies in respect of valuation of securities where terms of the issue have been changed frequently which resulted in the declaration of incorrect NAV. It also found that FT failed to carry out due diligence with respect to investments in illiquid securities and observed that the pattern of investment transactions is “akin to giving loan to issuers”.

Franklin Templeton, reacting to the order said that disagrees with SEBI order. “We believe the company and employees have acted in compliance with regulations and in the best interest of unitholders in discharging their responsibilities. Based on our initial review of the order, we are considering all options with regard to next steps which may include filing an appeal before the Hon’ble Securities Appellate Tribunal (SAT),” a Franklin Templeton Spokesperson said. The six schemes under winding up have distributed Rs 17,778 crores to unitholders or 71% of the AUM of Rs 25,214 crores on the date of the winding-up decision.

Eqwires Research Analyst

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Oil stocks to benefit from re-opening trade on Wall Street says Chris Wood; Shell, Exxon, BP in focus

Jefferies’ global market strategist Chris Wood has picked oil stocks as his most favoured trade for the near term as cyclical stocks continue rallying on Wall Street. “In the short term, if GREED & fear had to favour one area of the cyclical trade the most it would be oil stocks,” the Global Head (equity strategy) said in his weekly newsletter. So far this year, the S&P Energy index has zoomed 41%, outperforming the S&P 500 which has managed to jump 14%. Oil prices have been inching higher as the demand outlook for crude oil improves with vaccines being rolled out across the globe.

Oil stocks well placed for near term

Chris Wood said that oil is the commodity most geared to the re-opening trade as the vaccine rollout proceeds. Brent Crude oil prices breached the $70 mark on Wednesday morning as OPEC and its allies decided to roll back curbs as demand outlook improved with encouraging macro data from economies such as the United States. “A further rise in the oil price to say, $80 per barrel or higher is also likely to intensify the inflation scare which has already commenced,” Chris Wood added.

Stick to cyclical commodity trade

Commodities have been buzzing across global markets, recovering from their 2020 lows as the world inches closed to the old normal. Steel prices have gone up, helping a significant rally in steel stocks. “The view here remains firmly that investors should stick with the pro-cyclical commodity trade, particularly energy,” Chris Wood said.

Although China has signalled at controlling the surging commodity prices, Chris Wood remains adamant. “This is despite Beijing’s recent understandable efforts to talk down commodity prices, and despite concerns that a successful revival of the Iran 2015 nuclear deal will cause increased supply on the world oil market. Indeed both concerns should be used as opportunities to add to positions in the likes of copper stocks and oil stocks,” he added.

Tracking performance of Oil stock

-Shares of Exxon Mobil Corporation have zoomed 46% this year
-Despite some volatility along the way, Royal Dutch Shell still trades 10% higher year-to-date
-Chevron Corporation is up 26% so far in 2021
-BP Plc on NYSE has jumped 30% since the year began
-United States Oil Fund, a listed ETF tracking the WTI Crude oil is up 43% in 2021
-Occidental Petroleum Corporation has clocked in 63% returns year-to-date

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Gold Price Today, 1 June 2021: Gold nears Rs 50,000 on positive global cues; check support, resistance levels

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold and silver prices were trading higher in India on Tuesday, on the back of positive international trends, where gold surged to a near five-month high of $1,914.26 on a weaker US dollar and inflation concerns. On Multi Commodity Exchange, gold August futures were trading Rs 134 or 0.23 per cent up at Rs 49,484 per 10 gram, as against the previous close of Rs 49,349. Silver July futures were ruling at Rs 72,668 per kg, up Rs 800 or one per cent on MCX. Silver futures ended at Rs 71,898 pe kg in the previous session. Globally, spot gold was up 0.2 per cent at $1,911.45 per ounce. The dollar index was down 0.26% against its rivals at 89.757. Among other precious metals, silver gained 0.6 per cent to $28.22 per ounce while platinum climbed 0.5 per cent to $1,192.22, according to Reuters.

The subdued dollar is supporting the gold prices. The dollar remains on the back foot as hopes of further stimulus and steady vaccinations in the West, improving the demand for gold. The only uncertainty is the Federal Reserve’s next move amid increasing inflation. Also, this week’s US NFP data if the headline US jobs figures print upbeat data, then traders may have an additional reason to believe that Fed may hint at rate hikes sooner than expected, in turn underpinning the US dollar and dragging gold prices. In MCX Gold, prices have opened with a positive gap today. Prices need to trade above 49550 levels consistently to extend the gains towards 49668/49750 levels. Weakness below 49400 will trigger a dip towards 49245. A daily close below this level will trigger further downside towards 48900 levels in the counter during the coming sessions.

Bhavik Patel, Senior Technical Research Analyst, Tradebulls Securities

Gold has risen above $1900 as the Federal Reserve is not ready to tighten its ultra-loose monetary policy even as inflation pressures continue to rise. Gold market is benefiting as real interest rates remain in historically low negative territory. A glance at US Treasury yields makes it clear that US Fed is in no hurry to change its stance. Gold’s next move will come this Friday when the U.S. Labor Department releases its nonfarm payrolls report for May. A disappointing nonfarm payroll could push gold prices further upside while better than expected numbers could see US dollar and yields pivot higher. In MCX, Gold has just entered the overbought zone around 69.58 and was underperforming compared to COMEX due to strong Indian rupee. Next resistance comes around 49,800 which was the level last seen in Jan 2021. Major support comes at 48,200 and we would advocate buy on dips and any long position at current juncture should be held with a strict stoploss of 48,800 where the 200 day moving average is.

NS Ramaswamy, Head of Commodities, Ventura Securities

We expect the MCX Gold Aug prices to trade positive for intraday. The RSI indicator on the daily chart is suggesting the strength in momentum on the upside. Also, prices have managed to hold above the key averages from the last few trading sessions. We expect MCX GOLD Aug prices to reach the 50,000 level in the coming sessions. On the downside, the 48,800 level will be the key immediate support for the prices. On the Comex front, Gold prices are holding above the key level of $1900/ounce. As long as prices are above this level, they are likely to head towards $2000 level in coming sessions.

Ravindra Rao,CMT, EPAT, VP- Head Commodity Research at Kotak Securities

COMEX gold trades marginally higher by 0.35% near $1912/oz after a 0.4% gain on Friday. Gold continues to hold above $1900/oz as Fed and other central banks emphasize on continuing with loose monetary policy. However, ETF outflows and weaker demand in India amid continuing virus related restrictions might cap the gains. Gold has continued to hold above $1900/oz however any sustained rise may be challenged by pause in US dollar index fall.

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Petrol and diesel price today 28 May 2021: Rates unchanged today; check the price in Delhi, Mumbai here

Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Prices of Petrol and Diesel were kept unchanged on Friday across major cities. Petrol in Delhi today costs Rs 93.68 per litre, while diesel in the capital city costs Rs 84.61 litre today. So far this month, rates have been hiked 14 times. Petrol price in Delhi has been increased by Rs 3.28 in May, while diesel price has surged Rs 3.88 per lire. Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices on a daily basis in line with benchmark international price and foreign exchange rates.

Mumbai’s petrol cost is the highest across metro cities at Rs 99.94 per litre. Diesel in the country’s financial capital costs Rs 91.87 per litre. Petrol rates in Mumbai are inching closer to the Rs 100 mark. Sri Ganganagar district of Rajasthan had the costliest petrol and diesel in the country at Rs 104.67 per litre and Rs 97.49 a litre, respectively. The divergence in prices between Delhi and Mumbai is owing to different prices in different cities. Petrol and Diesel prices are fixed on the basis of freight charges, local taxes, and VAT.

Petrol, diesel prices in Chennai, Kolkata, Bengaluru, Hyderabad, UP, Punjab, Haryana, Pune
-Chennai: Petrol prices – Rs 95.28 per litre; Diesel prices – Rs 89.39 per litre

-Kolkata: Petrol prices – Rs 93.72 per litre; Diesel prices – Rs 87.46 per litre

-Pune: Petrol prices – Rs 99.56 per litre; Diesel prices – Rs 90.10 per litre

-Bengaluru: Petrol prices – Rs 96.80 per litre; Diesel prices – Rs 89.70 per litre

-Hyderabad: Petrol prices – Rs 97.36 per litre; Diesel prices – Rs 92.24 per litre

-Noida (UP): Petrol prices – 91.29 per litre; Diesel prices – Rs 85.08 per litre

-Mohali (Punjab): Petrol prices – Rs 95.86 per litre; Diesel prices – 87.52 per litre

-Chandigarh: Petrol prices 90.11 per litre; Diesel prices – Rs 84.27 per litre

-Gurugram (Haryana): Petrol prices – Rs 91.54 per litre; Diesel prices – Rs 85.19 per litre

Crude Oil price

Crude oil prices moved higher on Friday morning as expectations of a stronger rebound in global fuel demand grew stronger. US WTI crude futures for July traded at $67.17 per barrel, while Brent crude futures were at $69.62 per barrel, according to Reuters.

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