INSUBCONTINENT EXCLUSIVE:
from the securities market for unfair trade practices, a filing showed.Vivek Kudva, head of Asia Pacific distribution at FT, was barred last
month by the Sebi, which said he and his family members used non-public information to sell holdings worth about $4 million in Franklin debt
funds that were shut down weeks later and caused investor panic.In an appeal filed at the Securities Appellate Tribunal, Mr Kudva argued
that Indian law prohibits unfair trade practices, but mutual fund redemptions were not a "trade" and were akin to withdrawing one's own
money from a bank.When contacted on Thursday, Mr Kudva said in a statement he had always acted in accordance with Indian regulations and
respond to a request for comment.The regulator had imposed a one-year market ban on Mr Kudva and his wife and fined them $1 million
there was no reasoning in Sebi's decision "to justify the draconian directions and restrictions," according to his 232-page filing which
for more than 15 years and is a former HSBC executive.His appeal will be heard by the tribunal later on Thursday.The filing comes when FT
any new debt schemes for two years following a probe into closure of six credit funds in 2020 that the regulator said found "serious lapses
house deposit about half of the $68.5 million it had been asked to refund.In FT's appeal filing, seen by Reuters, the fund house argued it
acted in investor interest and followed Indian regulations in winding up the funds, and has distributed nearly three quarters of the assets
to the unitholders as of mid-June.The filing adds FT used "business judgement in good faith" to close the funds and that it should not be
penalised for it.Franklin, part of Franklin Resources Inc, manages more than $8 billion for more than 2 million people in India, and has
said it is committed to the market.
