Franklin Templeton Asset Management India says cooperating with ED

New Delhi, March 16 Franklin Templeton Asset Management (India) Pvt Ltd on Thursday said that they are cooperating the Enforcement Directorate (ED) in their search operations being conducted at an official's residential premises in connection with a Prevention of Money Laundering case.

A company official told that that the ED, as of now, didn't seek information about any three years business transactions and the raid was also happening at residential premises, not the business premises.

The places where the ED was conducting searches are said to be belonging ti Santosh Kamath, Chief Investing Officer-Fixed Income at Franklin Templeton Mutual Fund, Vivek Kudva, former head of Asia-Pacific (APAC) distribution, and his wife Roopa Kudva. According to information, she is the head of Omidyar Network, India.

The firm has said that they will support the investigation agency in the probe and were willing to provide all the datas and information sought by the agency.

"We continue to cooperate with all regulatory and statutory authorities and provide all data and information required by them. Franklin Templeton places great emphasis on compliance with regulations, and we have appropriate policies in place, consistent with Indian regulations and global best practices," a company spokesperson said.

They also issued a press note saying they were cooperating in the matter.

atk/vd