There are a number of options that investors in Franklin Templeton are exploring at this point of time. The fund had wound up six schemes with nearly Rs.30,000 crore in AUM due to the cowboy style fund management by one start debt fund manager called Santosh Kamath. Now investors have to take huge losses and they are unhappy. The fund wants investors to consent to a refund of the money based on market valuations but clearly the investors are not willing as that legitimizes their losses. They are exploring options like approaching the courts, SEBI and even SEC since Templeton is a US-based fund. Ideally the first step would be to approach SEBI and if investors are unhappy they can approach the court, which can instruct SEBI to take action in a time bound manner. Approaching the SEC may be a tad more complicated and may be reserved only as the last option.