The Securities and Alternate Board of India (SEBI) has determined to debar Vivek Kudva, head of Asia Pacific for Franklin Templeton, and his partner Roopa Kudva from the capital markets for a 12 months moreover imposing financial penalty for fraudulent and unfair commerce practices.
Roopa Kudva is accomplice and managing director at affect funding agency Omidyar that has backed startups corresponding to 1mg and WhiteHat Jr.
SEBI in a notification famous that the husband-wife duo and Vivek Kudva’s mom Vasanthi redeemed their private investments from the beleaguered six debt schemes of Franklin Templeton Mutual Fund based mostly on confidential and private info.
Franklin Templeton Mutual Fund had determined to close six debt schemes on April 23, 2020 by suspending redemptions for greater than 300,000 traders. The Kudvas had redeemed their investments earlier than the choice was taken.
SEBI stated that Vivek Kudva and Roopa Kudva can be restrained from accessing the securities marketplace for a interval of 1 12 months. They shall additionally not liquidate their present holding of securities together with the items of mutual funds.
Additional, Vivek Kudva shall be liable to pay a financial penalty of Rs four crore for the redemptions undertaken on his personal behalf and on behalf of his mom. Roopa Kudva shall be liable to pay a penalty of Rs three crore.
An e mail despatched to Omidyar and Roopa Kudva didn’t elicit a direct response.