An SPV for FT to purchase units held by us
The shutting down of these open-ended debt funds by FT has the implication of complete cessation of redemptions, dividends, and of course, new subscriptions. It has seriously aggrieved the investor community, particularly a vast number of senior citizens, who depended on funds such as these to setup SWPs, or dividend flows, so as to augment pension plans, which were already heavily impacted by the low interest rate regime in the recent times. There have been instances reported in the press of investors being dependent on withdrawals from these funds even for purchase of monthly prescription medicines. I myself am among these thousands of senior citizen investors who had pinned our faith on the prudence of FT's fund managers, and continue to be in state of despair and disbelief that this situation of severe financial shock has befallen us.
This is to place on record heartfelt thanks to CFMA to bring to focus the central objective - that of FT returning our capital. I wish our esteemed legal minds could examine and propose a simple 2-step process to redress our immediate concerns, to be enforced by SEBI or another entity: