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Mumbai, The <keyword id="6357808" type="General" weightage="20" keywordseo="enforcement-directorate" source="Orion">Enforcement Directorate</keyword> is conducting searches at some places linked to <keyword id="16811721" type="General" weightage="20" keywordseo="asset-manager-franklin-templeton" source="Orion">asset manager Franklin Templeton</keyword> and its former and current executives in Mumbai and Chennai as part of a money laundering investigation, officials said. The federal agency is looking to gather more evidence as part of its investigation against the company and its promoters under the Prevention of Money Laundering Act (PMLA), they said. In November 2020, capital markets regulator Sebi issued a show-cause notice to the company following its April 2020 decision to wind up six debt schemes having Rs 25,000 crore of assets under management (AUM) from 3 lakh investors, citing liquidity challenges because of the pandemic. Eventually, the company was asked to pay Rs 5 crore as penalty, return over Rs 450 crore collected as 22-month investment management and advisory fees, and was banned from launching new debt schemes for alleged irregularities in running the six debt schemes. The Chennai police economic offences wing (EOW) subsequently registered an FIR to probe these alleged irregularities. The ED case of money laundering stems from this complaint. In 2021, Sebi restricted the heads of the asset manager - Vivek Kudva and Roopa Kudva - from accessing the securities market and from buying, selling or otherwise dealing in securities, directly or indirectly, or being associated with the securities market in any manner, whatsoever, for a period of one year.

Enforcement Directorate conducts searches against Franklin Templeton in Mumbai, Chennai

Mumbai, <keyword id="74229" type="PERSON" weightage="20" keywordseo="Franklin-Templeton">Franklin Templeton</keyword>'s six shut schemes have received ₹13,120 crore from maturities, pre-payments, and coupons since their closure in April. Over the latest fortnight, December 16-31, 2020, these schemes received ₹1,213 crore. Further, five out of the six schemes have already turned and have close to ₹8,527 crore available to return to unit holders, subject to fund running expenses. <keyword id="251037" type="COMPANY" weightage="20" keywordseo="Franklin">Franklin</keyword> India Short Term Income Plan (FISTIP) is the latest scheme to turn cash positive, the fund house said in a statement. Individually, <keyword id="6567569" type="COMPANY" weightage="20" keywordseo="Franklin-India-Low-Duration-Fund">Franklin India Low Duration Fund</keyword>, Ultra Short Bond Fund, Dynamic Accrual Fund, <keyword id="6702676" type="COMPANY" weightage="20" keywordseo="credit-risk-fund">Credit Risk Fund</keyword> and Short Term Income Plan have 52%, 49%, 41 %, 23% and 8% of their respective asset under management in cash. Borrowing levels in <keyword id="6961990" type="COMPANY" weightage="20" keywordseo="Franklin-India-Income-Opportunities-Fund">Franklin India Income Opportunities Fund</keyword> continue to come down steadily and currently stands at 6% of its AUM. The <keyword id="6354977" type="COMPANY" weightage="20" keywordseo="Supreme-Court">Supreme Court</keyword> had directed the Trustee of <keyword id="518434" type="COMPANY" weightage="20" keywordseo="Franklin-Templeton-Mutual-Fund">Franklin Templeton Mutual Fund</keyword> to seek consent of the unitholders for the winding up of the six schemes. Accordingly, the Trustee conducted the e-voting for the same from December 26-28, 2020 followed by a unitholder meet on December 29, 2020. The fund house said that as directed by the top court, redemptions in these schemes will continue to be suspended till the date of the next hearing scheduled in the third week of January 2021. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/kia-motors-11-electric-vehicles-in-2021-but-india-may-have-to-wait-longer-to-buy/articleshow/80056447.cms">INTERVIEW: Kia Motors’ 2021 plan includes 11 electric vehicle launches ⁠— but India may have to wait longer</a> <a href="https://www.businessinsider.in/international/news/ten-of-the-most-outrageous-predictions-for-2021-according-to-saxo-bank/slidelist/80040045.cms">From Amazon buying Cyprus to Germany bailing out France — here are ten of the most ‘outrageous’ predictions for 2021</a> <a href="https://www.businessinsider.in/business/startups/news/india-edtech-in-charts-how-the-shi[%E2%80%A6]es-of-byjus-unacademy-and-others/articleshow/80040270.cms">India’s edtech in charts – How the shift to online learning meant money, valuation and users for the likes of BYJU’S, Unacademy, and others</a>

Franklin Templeton's shut funds receive ₹13,120 crore from maturities, pre-payments and coupons

Mumbai, Feb 4 () Markets regulator Sebi has sought a reply from Franklin Templeton after the fund house's markdown of its investment in second-largest telecom firm Vodafone Idea Ltd (VIL) that led to an erosion of investor wealth. However, Sebi Chairman Ajay Tyagi parried questions on whether such a move is illegal or if it hurts the broader cause of protection of investors' interests. Following the Supreme Court ruling on the adjusted gross revenue (AGR) matter, which resulted in a due of Rs 53,000 crore on the telco, the fund house had marked down its investment value to zero, resulting in a correction of up to 7 per cent in net asset value for six of its schemes. Franklin Templeton has the highest exposure to the telco at Rs 2,074 crore out of the total Rs 4,500 crore, which VIL owes to the MF industry as a whole. Tyagi said it is a fund house's own call to take a view on the asset value of an investment and added that industry body Association of Mutual Funds of India (Amfi) has suggested a formula only in case of downgraded debt, which does not apply to VIL. "Why they did it, we had asked them. I don't remember what has happened to that," Tyagi told reporters on the sidelines of an NSE event here. When asked if it is the right thing to do from an investor interest protection perspective, he said, "I don't remember what is their (Franklin Templeton's) comment. We had asked for the comment." Similarly, to a question of whether such a move was illegal, he expressed an inability to comment immediately as the reply received from Franklin Templeton will have to be studied. In his speech, Tyagi gave out a list of work that is yet to be done with regard to the agenda on corporate bond development in the immediate term. This includes setting up of the credit enhancement fund announced last year and operationalising credit default swaps. From the medium-term perspective, Tyagi said the idea of unification of markets need to be implemented that was first announced in the Budget 2015. He said that while a lot of work needs to be done to make the corporate bond market popular in India, it is not so that we are bad as compared to peers, and pointed out to data on market liquidity. He also said that till now, more than 78 commercial paper issuances amounting to over Rs 3,58,000 crore have been listed on stock exchanges, following the framework for listing of commercial paper again to bring in transparency. A mobile application for retail investors to invest in government securities has seen 15,000 bids leading to the raising of Rs 280 crore since launch, Tyagi said. The budgetary announcement on creating new smart cities, along with the virtual rewriting of the rules for raising money will also help in the development of the municipal bond market, Tyagi said. He also said Sebi has had a meeting with the National Housing Bank, the Secretary of the Urban development ministry and a few municipal corporations in this regard. AA HRS

Sebi seeks reply from Franklin Templeton after markdown of investment in Vodafone Idea

<ul><li>The Securities Exchange Board of India (<keyword id="35210" type="ORGANIZATION" weightage="20" keywordseo="sebi">SEBI</keyword>) has ordered a special audit of the six debt funds shut down by Franklin Templeton in May. </li><li>The special audit is aimed at determining whether there was any collusion between the fund house and the companies which issued the bonds, to defraud investors. </li><li>In total, ₹30,800 crore of investor wealth has been locked in due to the shutdown of <keyword id="9330891" type="UNKNOWN" weightage="20" keywordseo="franklins-six-debt-funds">Franklin’s six debt funds</keyword>. </li><li>The market regulator has tasked a Mumbai-based firm Chokshi &amp; Chokshi LLP to undertake the audit. </li></ul>The Securities Exchange Board of India (SEBI) has ordered a special audit of the six debt funds shut down by Franklin Templeton in May. The audit will be undertaken by a Mumbai-based firm Chokshi &amp; Chokshi LLP, which deals in tax consultancy, accounting, risk and due diligence. According to a <a href="https://economictimes.indiatimes.com/mf/mf-news/sebi-orders-probe-into-dealings-of-debt-funds-shut-by-franklin/articleshow/76147006.cms">report</a> by the Economic Times, the special audit is aimed at finding out whether there was any collusion between the fund house and the companies which issued the bonds, to defraud investors. “The scope is unlimited. They have to look at all aspects and examine if there have been any regulatory violations, whether the fund house followed the rules in spirit, whether there has been circumvention of rules on fund management,” a source told ET. The AMC had announced the shutdown of the following six funds in May: <ul><li>Franklin India Low Duration Fund </li><li>Franklin India Dynamic Accrual Fund </li><li>Franklin India Credit Risk Fund </li><li>Franklin India Short Term Income Plan </li><li>Franklin India Ultra Short Bond Fund </li><li>Franklin India Income Opportunities Fund </li></ul>As a result of the shut down of these six debt funds, Franklin has effectively locked out ₹30,800 crore worth of investments. <div type="Article" hostid="261" msid="75348506" title="A personal finance expert answers the most troubling questions about Franklin Templeton mutual funds" mstype="2" mssubtype="0"></div> In its earnings call in May, <a href="https://www.businessinsider.in/finance/news/franklin-templeton-reassures-indian-investors-that-their-money-is-safe-and-the-delay-in-repayments-is-due-to-cash-crunch/articleshow/75595294.cms">Franklin Templeton reassured</a> its Indian investors, saying that their money is safe, and that the delay in repayments was because of a cash crunch. “There has been a dramatic and sustained fall in liquidity in certain segments of the corporate bonds market on account of the COVID-19 crisis and the resultant lockdown of the Indian economy which was necessary to address the same,” Franklin Templeton India said in a <a href="https://www.businessinsider.in/business/news/covid-19-impact-franklin-templeton-mf-shuts-six-schemes/articleshow/75342209.cms">statement</a> on April 23. However, Indian investors continue to have their doubts – several Delhi-based investors have sent a legal notice to Franklin Templeton <a href="https://economictimes.indiatimes.com/mf/mf-news/investors-demand-reopening-of-schemes-franklin-is-winding-up/articleshow/76128106.cms">demanding</a> re-opening of the six schemes which have been shut down. ‘This is not the end of the world’ Gaurav Mashruwala, a certified financial planner, urged investors to avoid knee-jerk reactions. “Right now, we are in a situation where the economy is not moving. People like you and me should accept the reality, we shouldn’t be complacent. Put the facts out, but the approach I’m taking is this is not the end of the world,” he told Business Insider India. SEE ALSO: <a href="https://www.businessinsider.in/personal-finance/news/a-personal-finance-expert-answers-the-most-troubling-questions-about-franklin-templeton-mutual-funds/articleshow/75348506.cms">A personal finance expert answers the most troubling questions about Franklin Templeton mutual funds</a> <a href="https://www.businessinsider.in/finance/news/franklin-templeton-reassures-indian-investors-that-their-money-is-safe-and-the-delay-in-repayments-is-due-to-cash-crunch/articleshow/75595294.cms">Franklin Templeton reassures Indian investors that their money is safe — and the delay in repayments is due to cash crunch</a> <a href="https://www.businessinsider.in/business/news/without-rbis-help-rupee-value-might-slump-to-80-per-dollar-says-report/articleshow/75273796.cms">Without RBI’s help, Rupee value might slump to 80 per dollar says report</a>

SEBI orders special audit of Franklin’s six debt funds – with ₹30,800 crore wealth locked in, wary investors demand reopening

<ul><li>One of the largest in India, Axis Mutual Fund has suddenly suspended two fund managers from running any schemes because of serious violations.</li><li>In an official statement, the asset management company said that it has been investigating potential irregularities and has zero tolerance towards any instance of non-compliance.</li><li>The fund house has changed management of seven funds – Axis Consumption ETF, Axis Banking ETF, Axis NIFTY ETF, Axis Arbitrage Fund, Axis Quant Fund, Axis Technology ETF and Axis Value Fund.</li><li>Here’s how the new changes could impact existing Axis mutual fund investors.</li></ul>The mutual fund industry is going through another round of irregularity after a fiasco at Franklin Templeton a few years back – two of Axis Mutual Fund managers have been suspended on allegations of wrongdoing. Axis Mutual Fund has suddenly suspended two fund managers from running any schemes because of serious violations. Viresh Joshi, chief trader &amp; equity fund manager and Deepak Agarwal, assistant equity fund manager are under investigation at present. In an official statement, <keyword id="283762" type="General" weightage="20" keywordseo="axis-mf" source="Orion">Axis MF</keyword> said that it has been conducting a suo-moto investigation over the last two months (since February 2022) and reputed external advisors are helping with the investigation. “As part of the process, two fund managers have been suspended pending investigation of potential irregularities. We take compliance with applicable legal and regulatory requirements seriously, and have zero tolerance towards any instance of non-compliance,” the fund house said in a statement. As a result, the Axis MF has changed management of seven funds under these managers and reassigned them to others – Axis Consumption ETF, Axis Banking ETF, Axis NIFTY ETF, Axis Arbitrage Fund, Axis Quant Fund, Axis Technology ETF and Axis Value Fund. Axis MF is the seventh largest mutual fund house in the industry with an AUM of around ₹2.5 lakh crore. <a href="https://www.newindianexpress.com/business/2022/may/07/fresh-scandal-rocks-mutual-fundssector-two-axis-fund-managers-suspended-2450681.html">Reportedly</a>, the flamboyant lifestyle of one of the fund managers, who drives a limited-edition Lamborghini and owns several houses in Mumbai, caught the attention of the fund house, which began investigating the matter. Also, <a href="https://www.thehindubusinessline.com/markets/axis-mf-suspends-two-fund-managers-for-unethical-trading-practice/article65388226.ece">reportedly</a> the fund managers-cum-traders of the fund house have been placing orders at a value much higher or lower than the prevailing market price and receiving kick-backs from certain brokers for indulging in such unethical trading practice. For investors who have put money in the schemes of Axis MF, nothing much has changed except the fund manager of some schemes. No details of the wrongdoing by the two fund managers are out yet. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/edtech-hiring-boom-fizzles-out-these-edtech-companies-have-laid-off-their-employees-in-the-last-few-months/slidelist/91436719.cms">Edtech hiring boom fizzles out – these edtech companies have laid off their employees in the last few months</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/ril-tumbles-nearly-4-on-weaker-than-expected-profits-slowdown-in-retail-business-and-decline-in-jio-subscriber-additions/articleshow/91433432.cms">RIL tumbles nearly 4% on weaker than expected profits, slowdown in retail business and decline in Jio subscriber additions</a>

Axis Mutual Fund suspends two equity fund managers due to alleged wrongdoing – here's how it impacts existing Axis MF investors

Mumbai, Apr 30 () The Reserve Bank of India on Thursday extended regulatory benefits to all banks including those deploying their own resources to extend liquidity support to the mutual funds under the Special Liquidity Facility for Mutual Funds (SLF-MF) scheme. Earlier in the week, the Reserve Bank had announced Rs 50,000-crore SLF-MF scheme to bailout the mutual funds facing redemption pressure. The scheme was announced in the backdrop of Franklin Templeton Mutual Fund deciding to shut several schemes. "Based on requests received from banks, it has now been decided that the regulatory benefits announced under the SLF-MF scheme will be extended to all banks, irrespective of whether they avail funding from the Reserve Bank or deploy their own resources under the ...scheme," Reserve Bank of India said in a release. The RBI further said banks meeting the liquidity requirements of MFs by extending loans and undertaking outright purchase of and/or repos against the collateral of investment grade corporate bonds, commercial paper (CPs), debentures and certificates of deposit (CDs) held by MFs, will be eligible to claim all the regulatory benefits available under the scheme. The banks claiming the regulatory benefits would be required to submit a weekly statement containing consolidated information on entity-wise and instrument-wise loans and advances extended or investment made to eligible entities to Financial Markets Operations Department and to Department of Supervision on every Monday till the closure of the scheme, the RBI said. The Rs 50,000 crore liquidity window came days after, the Franklin Templeton Mutual Fund, which has been operating in India for 25 years, decided to shut down Franklin India Low Duration Fund, Franklin India Dynamic Accrual Fund, Franklin India Credit Risk Fund, Franklin India Short Term Income Plan, Franklin India Ultra Short Bond Fund and Franklin India Income Opportunities Fund. Last time, RBI had opened a special borrowing window of Rs 25,000 crore for banks to help meet the cash requirements of mutual funds in July 2013. Post the collapse of Lehman Brothers, RBI, in October, 2008, had provided a similar additional liquidity support exclusively for mutual fund industry. The central bank also stressed it remains vigilant and will take whatever steps are necessary to mitigate the economic impact of COVID-19 and preserve financial stability. Under the Special Liquidity Facility for Mutual Funds (SLF-MF), the RBI will conduct repo operations of 90 days tenor at the fixed repo rate. NKD CS DRRDRR

RBI extends regulatory benefits under SLF-MF scheme to all banks

Mumbai, Apr 24 () The rupee on Friday depreciated by 40 paise to settle at 76.46 against the US dollar due to fears of capital outflows after Franklin Templeton Mutual Fund suddenly closed its six debt fund schemes. Weak domestic equities and a strengthening greenback overseas also weighed on the local currency.Forex traders said market sentiment weakened after a potential antiviral drug for coronavirus reportedly failed its first trial.The rupee opened lower at 76.30 at the interbank forex market and then fell further to 76.47 before closing at 76.46, down 40 paise over its last close. The rupee had settled at 76.06 against the US dollar on Thursday.The rupee witnessed strong fallout again due to likely overseas outflows from local stocks amid some uncertainty after Franklin Templeton Fund closed six schemes, Jateen Trivedi, Senior Research Analyst (Commodity &amp; Currency) at LKP Securities said.Franklin Templeton Mutual Fund voluntarily decided to wind up its six debt schemes citing redemption pressure and lack of liquidity in bond markets due to coronavirus pandemic. This is the first instance when a fund house is shutting its schemes because of coronavirus-related situation.Market participants are also concerned that a sharp rise in coronavirus cases could weigh on the global as well as the domestic economy.The number of coronavirus cases around the world has crossed 27 lakh. In India, over 23,000 cases have been reported so far."Any piece of bad news regarding coronavirus, rattles the risky assets including rupee and we see it breaching fresh record lows," Emkay Global Financial Services Head of Research - Currency Rahul Gupta said.Gupta further noted that "all this while, investors were hoping on flattening coronavirus cases and progress of a vaccine, but now there are doubts in the development of drugs. This uncertainty will continue to fickle the forex market".In USD/INR spot 75.70-75.75 has been acting as crucial support, and will remain the same, going ahead we may see prices breach 77-77.15 level, he further noted. On a weekly basis, the Indian unit lost 7 paise or 0.09 per cent against the US dollar.On the domestic market front, the 30-share BSE Sensex settled 535.86 points or 1.68 per cent down at 31,327.22, while the NSE Nifty declined 159.50 points, or 1.71 per cent, to 9,154.40.Foreign institutional investors (FIIs) were net sellers in the capital markets as they offloaded shares worth Rs 114.58 crore on Thursday, according to provisional data.Meanwhile, Brent crude, the global oil benchmark, fell 0.33 per cent to USD 21.26 per barrel.The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 76.0635 and for rupee/euro at 82.3129. The reference rate for rupee/British pound was fixed at 93.9886 and for rupee/100 Japanese yen at 70.55. MR

Rupee drops by 40 paise against dollar on FPI outflow concerns

Mumbai, Apr 24 () Equity benchmark Sensex tumbled 536 points on Friday, led by a selloff in financial and IT stocks as global markets slumped on mounting economic pressure of coronavirus-led lockdowns with no respite in sight. Further, in a blow to domestic market sentiment, Franklin Templeton Mutual Fund announced winding up of six debt schemes due to redemption pressure and lack of liquidity in bond markets amid the COVID-19 crisis. Many retail investors and high net worth individuals (HNIs) who invested in these schemes as part of their fixed-income asset allocation will be hit as the money will be blocked with no clear timeline for recoveries, experts said. The 30-share BSE Sensex settled 535.86 points or 1.68 per cent down at 31,327.22, while the NSE Nifty declined 159.50 points, or 1.71 per cent, to 9,154.40. Bajaj Finance was the top laggard in the Sensex pack, dropping over 9 per cent, followed by Axis Bank, IndusInd Bank, HDFC, ICICI Bank and M&amp;M. Reliance Industries, however, capped the losses by rallying over 3 per cent. Sun Pharma, Hero MotoCorp, L&amp;T, PowerGrid and Bajaj Auto were also among the gainers. Market went into selloff mode as winding up of a few debt schemes by Franklin Templeton added to the selling pressure witnessed in banks and NBFC stocks, said experts. According to Sanjeev Zarbade, VP PCG Research, Kotak Securities, markets across the globe remained volatile as the wait for a credible breakthrough in medicine to remedy the COVID-19 pandemic remained elusive. Weak macroeconomic data in most countries and rout in oil prices also hit investor sentiment, he noted. Bourses in Shanghai, Hong Kong, Tokyo and Seoul ended with heavy losses, while those in Europe were also trading significantly lower in early deals. Global oil benchmark Brent crude futures slipped 0.38 per cent to USD 21.25 per barrel. On the currency front, the rupee depreciated 40 paise to provisionally settle at 76.46 against the US dollar. The death toll due to the pandemic rose to 718 in India, while the number of cases climbed to 23,077. Global tally of the infections has crossed 27 lakh, with over 1.90 lakh deaths. ANS ABMABM

Sensex slumps 536 pts; financial stocks lead fall

Mumbai, May 4 () Reserve Bank Governor Shaktikanta Das on Monday reviewed liquidity position and ways to promote lending to the MSME sector during a meeting with representatives of non-banking financial companies and mutual funds amid the lockdown induced by the COVID-19 pandemic. Sectoral meetings, held separately in two sessions through video conference, were also attended by Deputy Governors and other senior officers of RBI, the central bank said in a statement. Operations of NBFCs have commenced from Monday as the government eased restrictions for the lockdown. Some of the issues discussed during the meeting included availability of liquidity from banks and other financial institutions and post-lockdown strategies for supply of credit, including working capital, to MSMEs, traders and bottom of pyramid customers in semi-urban, rural and urban areas, the RBI said. Implementation of three months moratorium on repayment of loan instalments announced by the RBI; and strengthening grievance redressal mechanisms were also discussed. With regard to meeting with the mutual funds industry, the impact of measures taken by the Reserve Bank with regard to the provision of liquidity was discussed. Days after Franklin Templeton Asset Management Company announced closure of six of its debt fund schemes, the Reserve Bank of India (RBI) had announced a special liquidity facility of Rs 50,000 crore for the mutual fund industry to avert spread of contagion. However, the first tranche of Rs 25,000 crore auction under the widow got tepid response as banks subscribed only 50 per cent of this. Besides, it said review of the functioning of the bond markets and plans for the way forward were also deliberated. The governor acknowledged the critical role of NBFCs, including micro finance institutions (MFIs), in delivering last mile credit, and the importance of mutual funds in financial intermediation, RBI said in the statement. The RBI governor on Saturday had met heads of public sector and private sector banks asking them to step up their lending towards the MSME sector. The meeting reviewed the economic situation and implementation of various measures announced by it to reduce stress in the financial system amid the COVID-19 crisis. DP NKD MR

RBI Governor meets NBFCs and MFs sector; reviews liquidity situation

Mumbai, Mar 6 () Asset management companies are staring at a Rs 3,345.48-crore hole in their books with their exposure to the equity and bonds of Yes Bank, which is under a 30-day moratorium, according to data from Morningstar. As of January 31, 2020, nearly two dozen mutual fund houses have exposure of close to Rs 526.42 crore to the stock, while 11 have invested Rs 2,819.06 crore in the bonds of the troubled private sector lender, as per the data. The Reserve Bank of India (RBI) on Thursday evening capped withdrawals at Rs 50,000 per depositor for a month and imposed strict limits on operations at the country's fourth-largest private lender that faced "regular outflow of liquidity" after an effort to raise new capital failed. As per the data, SBI Mutual Fund has the highest exposure of Rs 152.83 crore, followed by Rs 142.02 crore by HDFC Mutual Fund in the bank's equities, as at the end of January. Kotak Mutual Fund's exposure was Rs 62.60 crore, while Nippon India Mutual Fund invested Rs 61.21 crore in stocks of the bank. UTI Mutual Fund's exposure was Rs 33.18 crore in the stocks of the bank. Nippon India has the highest exposure of Rs 1,806.28 crore to debt issued by the bank. Earlier in the day, Nippon India Mutual Fund said it has marked down the value of its investments to zero in bonds issued by Yes Bank. In addition, the fund house has imposed a limit of Rs 2 lakh on fresh inflows into the impacted schemes till further notice, it said in a statement. Franklin Templeton and UTI Mutual Fund invested Rs 475.72 crore and Rs 336.67 crore, respectively, in bonds of the lender. Kotak MF's exposure to bonds was Rs 93.83 crore as on January 31, 2020. Mahindra Mutual Fund said it has nil exposure to Yes Bank. "Mahindra Credit Risk Yojana had a net exposure of 1.83 per cent in Yes Bank as of December 31, 2019. We had continued to pare down exposure in Yes Bank, due to the management's inability to demonstrate raising risk/ equity capital," the mutual fund house said in a statement. In February, the company fast-paced its exit from the residual exposure in the bank and have completely exited the same, it said. Quantum Mutual Fund's Fund Manager (Fixed Income) Pankaj Pathak said, "Quantum Liquid Fund prioritises safety and liquidity over returns and invests only in less than 91 day maturity instruments issued by government securities, treasury bills and top rated PSUs." HV HRS

'Mutual funds' exposure to Yes Bank at Rs 3,345 cr'

<ul><li>The Yes Bank crisis could have a cascading effect on the stock markets. </li><li>Businesses with deposit accounts at Yes Bank may not be able to make payments on loans taken from other financial institutions. </li><li>Mutual funds have a total exposure of ₹2,848 crore, and most are already side-pocketing the risk. </li></ul>As the Yes Bank crisis continues to unfold, not everyone is on board with the Reserve Bank of India’s (RBI) scheme to restructure the troubled bank. Mutual funds stand to lose millions and the moratorium limiting withdrawals to ₹50,000 could spell trouble for companies who are using the bank’s services. “With large-sized withdrawals disallowed, a number of companies availing of facilities from Yes Bank could face disruption in their operations, which may constrain their ability to service financial obligations on time,” said global rating firm CRISIL in a statement. As the fourth largest private sector bank in the country, Yes Bank has an asset book of more than ₹3.45 crore and deposits exceeding ₹2 lakh crore. CRISIL believes that the moratorium has “material implications” for companies using Yes Bank for loans, deposits, bonds and other instruments. How Yes Bank crisis could affect other banks The fall out from funds being stuck at the troubled bank could result in companies defaulting on their loans from other financial institutions since their payments are linked to deposit accounts at Yes Bank. It may further aggravate liquidity issues for the already cash-starved non-banking lenders, according to a report by <a href="https://www.businessinsider.in/business/news/yes-bank-reconstruction-may-further-aggravate-liquidity-issues-for-nbfcs-report/articleshow/74579814.cms">Fitch Ratings.</a> “There could also be a marginal uptick in delinquencies in retail loans of banks and non-banks,” said CRISIL. Companies using Yes Bank’s letters of credit and bank guarantees to leverage their businesses may also have to rethink their plans. “There are also some securitisation transactions of other originators where Yes Bank is a counterparty - either as the bank where credit enhancement in the form of fixed deposits is being maintained, or as the collection and paying agent for the transaction,” said CRISIL. NSE Clearing (NCL) and India Clearing Corporation (ICCL), the biggest clearing firms in the country, have told members that any existing benefit toward bank guarantees and fixed deposit receipts issued by Yes Bank were to be squared off by Wednesday, March 11. “The RBI decision has a cascading effect on trading members and their clients at large since they may not be able to cover their positions from their own funds,” Association of National Exchanges (ANMI) president Vijay Bhushan told <a href="https://economictimes.indiatimes.com/markets/stocks/news/yes-bank-fds-bank-guarantees-no-longer-valid-traders-have-to-arrange-funds-by-wednesday/articleshow/74545067.cms">ET.</a> Bonding over bonds Nearly 32 mutual funds are exposed to Yes Bank’s debt with a total exposure of ₹2,848 crore. Many of them are AT 1 (Additional 1) bonds, set to be written off completely. Mutual funds owned by Nippon, Kotak, and Franklin <a href="https://economictimes.indiatimes.com/markets/stocks/news/yes-banks-at1-bond-write-down-these-mfs-pension-funds-stand-to-lose-most/articleshow/74555609.cms">have the most to lose</a>. After news broke of RBI superseding Yes Bank’s board, rating agency ICRA downgraded Yes Bank’s debt instruments to a “D” — below investment grade. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td colspan="2" style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mutual fund owners with the most to lose from RBI’s scheme to restructure Yes Bank: </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mutual fund </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Loss </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nippon Mutual Fund </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,500 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Franklin Mutual Fund </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹590 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Barclays Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹246 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Mutual Fund </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹130 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Reliance Industries </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹100 crore </td></tr></tbody></table> Nippon India Mutual Fund, which has the largest exposure, was the first to side-pocket the risk. The move prevents distressed assets, like Yes Bank, from damaging returns generated from better-performing assets. PGIM India Mutual Fund, UTI Mutual Fund, Franklin Templeton Mutual Fund and Baroda Mutual Fund <a href="https://www.bloombergquint.com/business/yes-bank-news-two-more-mutual-funds-side-pocket-exposures-to-yes-bank-bonds">soon followed suit</a>. Axis Trustee Services, on the other hand, filed a petition to delay any action until its bond investors have had the time to review its impact. It asks the court to give enough time for bond investors to review the proposed plan. <div type="twitter" handle="LiveLawIndia" handlename="Live Law" image="http://pbs.twimg.com/profile_images/897707258334916608/nMQWwGlo_normal.jpg" favoritecount="11" retweetcount="6" status="Axis Trustee Services Ltd, a debenture trustee of #Yes_Bank , on Monday petitioned the Bombay High Court against th… https://t.co/pE53lzxTwl" createdat="1583913099000" id="1237647359091195905"></div>

 According to Axis, the proposal to write off the value of over ₹8,000 AT-1 bonds is unjustified and goes against global best practices. It argues that the scheme put forth by the RBI gives preference to Yes Bank promoters despite their shady record and mismanagement of resources — which landed the bank in hot water, to begin with. The possibility of the moratorium being cut short The proposed restructuring of Yes Bank includes recapitalisation of ₹20,000 crore with equity contribution and bulk deposits of around ₹30,000 crore by multiple-state owned banks. “If equity commitments are in place and CD funds flow in, the moratorium may be lifted by the end of the week,” RBI administrator of Yes Bank told reporters on March 10. CRISIL believes that the challenges in the face of the Yes Bank crisis are likely to be temporary, since they are a direct result of a crunch in liquidity and cash flow. Nonetheless, the temporary crunch will result in systemic risk until the moratorium is resolved — like the cost of borrowing and capital-raising becoming tougher for other banks Sources told <a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/under-the-scanner-rbi-to-check-if-yes-bank-auditor-bsr-had-raised-red-flags/articleshow/74568396.cms">ET</a> that RBI is checking with Yes Bank’s auditor — BSR &amp;Co, which is a part of KPMG India — whether or not the proposal for SBI to buy a stake in Yes Bank will have any “material impact” on the existing accounts with the bank. Another one bites the dust The repeated incidents of large — supposedly ‘too big to fail’ — companies are becoming increasingly rampant. Last September, the Mumbai-based Punjab and Maharashtra Cooperation (PMC) Bank faced a similar crisis. It was placed under an RBI administrator for six months after under-reporting of loans going bad. However, banks aren’t the only ones going down. The collapse of Jet Airways and Cox &amp; Kings left many investors — and travelers — stranded. Even stockholders in IL&amp;FS and DHFL saw their money disappear overnight due to mismanagement, fraud and corruption within the companies. More than just getting Yes Bank on its feet, the central government and the RBI will have to address the trust deficit that now plagues the market. See also: <a href="https://www.businessinsider.in/finance/news/indias-largest-bank-stock-sees-the-sharpest-fall-in-over-7-years-investors-want-to-say-no-to-yes-bank/articleshow/74504449.cms">India's largest bank stock sees the sharpest fall in over 7 years — investors want to say 'no' to Yes Bank</a> <a href="https://www.businessinsider.in/finance/news/finance-minister-assures-employment-and-salary-at-yes-bank-at-least-for-one-year/articleshow/74514015.cms">Finance Minister assures employment and salary at Yes Bank at least for one year</a> <a href="https://www.businessinsider.in/finance/news/yes-bank-share-price-falls-10-after-rbi-limits-withdrawals/articleshow/74504094.cms">Yes Bank share price nose dives 72% after RBI limits withdrawals</a>

Yes Bank crisis and its domino effect on bonds, mutual funds and other corporate defaults

<div class="KonaFilter image-container display-table float_right"><div><div class="image">REUTERS</div></div></div>LONDON (Reuters) - Ailing emerging markets are caught between a rock and a hard place - Washington andBeijing to be more precise.
For much of 2013, the investor narrative was that currencies and stock markets from Mumbai to Moscow andIstanbul to Johannesburg were running aground as Federal Reserve largesse ebbed away.
As the Fed slows its printing presses and reins in global liquidity via higher U.S. Treasury yields and a rising dollar, those markets that gained most from the swell of quantitative easing would suffer from its withdrawal, it was argued.
And so it played out. Many of the frothier and most exposed emerging markets shook as 10-year U.S. yields surged more than 100 basis points last year to top 3.0 percent as 2014 dawned and the Fed, finally, embarked on its first 'taper' in January.
Yet the odd thing about the stampede out of emerging markets this year - which sent Turkey's lira, Argentina's peso, Russia's rouble and South Africa's rand all plunging last month - is that it's happened just as Treasury yields went into reverse. They have dropped almost half a percentage point since January 1.
The burst of Treasury buying was all the more remarkable given that the Fed has been buying fewer bonds and foreign central banks - many needing hard cash reserves to intervene in defense of their currencies - were selling more than $20 billion of Treasury securities in the week to last Wednesday.
The causality goes a little haywire at this point.
Did the start of the actual Fed bond taper last month feed such volatility on emerging and western equity markets as to prompt a counter-intuitive flight to safety in U.S. Treasuries?
It makes sense if you watch parallel gains in gold and Swiss francs, for example, and a surge in seismographs such as Wall St's equity volatility index, the Vix &lt;.VIX&gt;.
Or has the financial shock and currency-supporting interest rate rises in developing economies been bad enough to darken the economic outlook everywhere?
<h3>AMERICA'S ROCK, CHINA'S HARD PLACE</h3>
That's why attention turns from America's rock to China's hard place - or maybe China's 'hard landing' more pertinently.
"Emerging markets should be much more concerned about the 'China taper' than the Fed taper," said Crossborder Capital Managing Director Mike Howell.
While long-standing China slowdown fears eased somewhat late last year, business surveys in January indicate another stall as authorities push on toward a more consumption-driven model and aim to tame the recent credit boom by squeezing the lending activities of its 'shadow banks'.
Apart from monthly data from Beijing, a halving last month of world shipping prices &lt;.BADI&gt; - often seen as a play on Chinese demand - reveals some considerable alarm on that front.
And to the extent that Chinese sovereign credit default swaps are any proxy for systemic and debt-related concerns, their resurgence over the past two months is also revealing.
So while the fall in U.S. Treasury yields this year so far could act as some automatic stabilizer of emerging markets, the return of China angst pops up to replace it.
"The two big threats facing EM have turned upside down," said Citi strategist David Lubin, adding that the dance between both influences could end up depressing world growth at the margins and make it increasingly difficult for many developing countries to export their way out of trouble.
"The growth model, once so reliable and impressive, is in flux," Lubin said.
This is not going away easily. If there's a rebound in growth in China after its new year celebrations, the likelihood is reduced global stress and repeated Fed tapering will lift Treasury yields again. If not, pressure may mount anyway.
To be sure, there appears to be little panic among long-term investors who still insist cheaper emerging market equity will pay off over time in economies with higher growth potential, better demographics and better balance sheets than much of the developed world.
"The long-term investment case hasn't dramatically changed," Franklin Templeton's veteran emerging markets investor Mark Mobius said last week.
There are good reasons at least why full-blown sovereign and systemic crises can be avoided, unlike the late 1990s of rigid exchange rates and modest hard cash reserves.
But the chillier international winds will expose any deeper structural and political flaws in capital-hungry emerging economies. And less patient mutual funds - where net $14 billion of outflows last month alone exceeded 2013 as a whole - may not want to hang about for that long.
One choice may be to switch between interest-rate sensitive markets of the 'Fragile Five', Turkey, Brazil, India,Indonesia and South Africa, and those more hip to global growth at large, such as South Korea, Russia and Chinaitself.
"I'd be more wary of the latter group right now," said Deutsche Bank emerging equities strategist John Paul Smith. "It may not be the time to turn incrementally more bearish but the outlook for the year ahead is just not positive."
(Editing by Ruth Pitchford)

Emerging Markets Are Caught Between Washington And Beijing

In terms of ambition, the Champions League T20 was to be the perfect tool to showcase, and popularise, franchise cricket. It was modelled on the UEFA Champions League, with clubs from cricketing nations teaming up for a short T20 event. But into its sixth edition, it hasn't delivered on the promise front. The <keyword id="6354312" type="CITY" weightage="80" keywordseo="IPL">IPL</keyword> in India is still the benchmark, and the involvement of international teams somehow fails to pique interest among fans who get behind their local franchises (a reason to include a fourth Indian team). From September 13, however, up until October 4, the disappointments of the England tour will be forgotten, and cricket's shortest format will once again drum up the entertainment before the home season in India gets under way. 
 
In many ways, the timeframe set apart for the Champions League is about perfect for a T20 competition. The IPL lasts two months; back-to-back games in the middle of the Indian summer making it an annual TV soap opera. The expectancy of home advantage is less; teams from South Africa, Australia, Pakistan, Sri Lanka and New Zealand make it a more global event, and the chance to see several international players, who could soon be seen being snapped up by several franchises in next year's IPL. The Champions League then is the IPL's poorer cousin, but the unpredictable nature of the competition could make it for interesting viewing. 
 
Chhattisgarh's Raipur International Cricket Stadium will host the six qualifiers featuring Lahore Lions (Pakistan), Mumbai Indians (India), Northern Knights (New Zealand) and Southern Express (Sri Lanka), before the main league kicks off with games scheduled in Hyderabad, Mohali and Bangalore. Gocricket.com takes a look at the teams making up the competition: 
 
Kolkata Knight Riders: The IPL champions gained direct entry into the league stages by virtue of their title triumph a few months ago, but have been hampered by injuries to Morne Morkel and <keyword id="258312" type="PERSON" weightage="80" keywordseo="Chris-Lynn">Chris Lynn</keyword>, who have been ruled out of the tournament, as was Shakib Al Hasan, serving a disciplinary sanction by the Bangladesh Cricket Board. The Indian domestic season was over before the IPL meaning several Indian players will be without practice, a situation that forced <a href="http://www.gocricket.com/player/yusuf-pathan/30001/4096">Yusuf Pathan</a>, <a href="http://www.gocricket.com/player/piyush-chawla/30001/4089">Piyush Chawla</a>, <a href="http://www.gocricket.com/player/manvinder-bisla/30001/27013">Manvinder Bisla</a> and <a href="http://www.gocricket.com/player/kuldeep-yadav/30001/4133">Kuldeep Yadav</a> to undergo a boot camp in South Africa. <a href="http://www.gocricket.com/player/gautam-gambhir/30001/4043">Gautam Gambhir</a>, the inspirational two-time IPL-winning captain, however, is back playing franchise cricket after a nightmarish return to the Indian team on the England tour. Gambhir would have to brush aside that traumatic experience to lead his troops. 
 
Perth Scorchers: Like KKR, Perth Scorchers triumphed at the Big Bash League, but like the Indian franchise, they too come into the tournament with a depleted squad. Simon Katich was their leading run-getter but is not available, nor is Shaun Marsh, who was injured. The franchise will rely heavily on <a href="http://www.gocricket.com/player/mitchell-marsh/1001/27022">Mitchell Marsh</a>, who is coming off a successful trip with the Australian team in Zimbabwe. 
 
Dolphins: Winners of South Africa's domestic T20 competition, Dolphins make their Champions League bow under former South Africa wicketkeeper-batsman Morne van Wyk, who has previously turned out for KKR. With <a href="http://www.gocricket.com/player/david-miller/8001/8076">David Miller</a> opting to play for Kings XI Punjab, the Dolphins squad will miss the services of their explosive batsman, but <a href="http://www.gocricket.com/player/kyle-abbott/8001/29036">Kyle Abbott</a>'s presence in the bowling line-up gives them some international quality. 
 
Barbados Tridents: The 2014 Caribbean Premier League champions will be without <a href="http://www.gocricket.com/player/dwayne-smith/26001/10043">Dwayne Smith</a>, Shoaib Malik and <a href="http://www.gocricket.com/player/kieron-pollard/31001/10060">Kieron Pollard</a> but still have enough quality to surprise bigger teams. Zimbabwe's hard-hitting ODI captain <a href="http://www.gocricket.com/player/elton-chigumbura/11001/11033">Elton Chigumbura</a>, James Franklin and <keyword id="1319274" type="UNKNOWN" weightage="80" keywordseo="Dilshan-Munaweera">Dilshan Munaweera</keyword> will bolster the batting, while Ravi Rampaul will lead the bowling attack. 
 
Kings XI Punjab: KXIP turned out to be the surprise package of the IPL and despite falling short of a maiden title, turned heads with their all-round performances. Despite an injury to Sandeep Sharma, who was a revelation with the new ball, the KXIP line-up screams quality under the astute leadership of <a href="http://www.gocricket.com/player/george-bailey/29001/26015">George Bailey</a>. Add to that the explosive batting order comprising <keyword id="7567" type="PERSON" weightage="100" keywordseo="Virender-Sehwag">Virender Sehwag</keyword>, <a href="http://www.gocricket.com/player/glenn-maxwell/29001/36006">Glenn Maxwell</a>, David Miller and Thisara Perera. 
 
Hobart Hurricanes: Bailey's absence from the Hurricanes has given discarded Australian wicketkeeper-batsman <a href="http://www.gocricket.com/player/tim-paine/1001/1088">Tim Paine</a> a chance to step up. Former Pakistan captain <a href="http://www.gocricket.com/player/shoaib-malik/7001/7011">Shoaib Malik</a> will give the side important advice about playing on subcontinent surfaces, while Chennai Super Kings' pace bowling duo – Doug Bollinger and Ben Hilfenhaus – would know a thing or two about their former team. Aiden Blizzard and Ben Dunk add muscle to their batting order. 
 
Cape Cobras: After falling two runs short of the Ram Slam T20 title, Cape Cobras will be out to go one better at the Champions League with a team full of South Africa's top players. Justin Ontong has at his service the class of <a href="http://www.gocricket.com/player/hashim-amla/8001/8034">Hashim Amla</a>, <a href="http://www.gocricket.com/player/jp-duminy/8001/8053">JP Duminy</a> and Vernon Philander, and their most successful domestic spinner, Dane Piedt. Veterans Justin Kemp and Robin Peterson are sure to lift the team with their all-round skills. 
 
Chennai Super Kings: CSK are out to emulate Mumbai Indians by attempting a second title. Free from international duty, <a href="http://www.gocricket.com/player/ms-dhoni/26001/4057">MS Dhoni</a> will look to his franchise to give his much-criticised captaincy a boost. Their all-round T20 skill under the Indian captain makes them one of the most feared sides in the competition. 
 
Besides the sure-shot contenders, four teams will contest the qualifying stages with two of them set to go through: 
 
Mumbai Indians: The defending CLT20 champions had to endure a difficult IPL but emerged late to snatch fourth place to earn a shot at a title defence. For majority of the competition, MI suffered by failing to field the right combinations and captain Rohit Sharma's absence means fellow seniors like Kieron Pollard, <a href="http://www.gocricket.com/player/harbhajan-singh/31001/4008">Harbhajan Singh</a> and <a href="http://www.gocricket.com/player/lasith-malinga/31001/9036">Lasith Malinga</a> will have to step up. Star signing Corey Anderson's lack of form was a subject of great debate during the competition, but his game-changing 94 against Rajasthan Royals proved how dangerous the side could be with the big players firing. 
 
Lahore Lions: Pakistan's T20 champions had to endure a difficult passage into India with a visa delay, but on match day, their quality is set to leave an impact on the competition. The absence of Pakistani players from the IPL means the Lions will lend additional charm to the event, and the team is full of quality with six Pakistan internationals – <a href="http://www.gocricket.com/player/ahmed-shehzad/7001/7070">Ahmed Shehzad</a>, Umar Akmal, Nasir Jamshed, Aizaz Cheema, Wahab Riaz and captain Mohammad Hafeez. 
 
Nothern Knights: <keyword id="13837" type="PERSON" weightage="100" keywordseo="Daniel-Vettori">Daniel Vettori</keyword>'s withdrawal from the competition wouldn't affect the side that already boasts of <a href="http://www.gocricket.com/player/kane-williamson/6001/6071">Kane Williamson</a>, Trent Boult, Tim Southee, BJ Watling and Ish Sodhi, the fulcrum of the revival in New Zealand cricket. Scott Styris brings in years of experience, most importantly of having played in India on several occasions. 
 
Southern Express: Without Lasith Malinga and <a href="http://www.gocricket.com/player/tillakaratne-dilshan/9001/9034">Tillakaratne Dilshan</a>, the Sri Lankan side does look weak but expect them to fight tooth and nail. The familiarity with conditions in the subcontinent will make them a force to reckon with.

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