Fidelity gets nod to unveil funds in India

Fidelity Fund Management Pvt Ltd, the Indian arm of the world's largest fund manager, has received the certificate of registration from the Securities and Exchange Board of India (Sebi) to launch its mutual fund products in India.

Ashu Suyash, head of business, Fidelity Fund Management, said: "We are pleased to receive the Sebi approval and will launch the first Fidelity fund in India shortly.

"To begin with, we plan to launch a flagship equity fund. We believe the mutual fund business will record substantial growth in the years to come and we look forward to playing a significant role in it."

The US-based Fidelity Investments covers over 90 per cent of the world market capitalisation and brings to India almost 60 years of global investment experience.

Fidelity's bottom-up investment approach, innovative spirit and research backbone of over 480 analysts worldwide have placed it at the helm of the investment world.

Driven by an entrepreneurial culture, Fidelity is known to zealously pursue investor education, which it has also begun in the country.

Fidelity manages over $1.2 trillion in assets for 20 million investors.

Other foreign players in the Indian funds management business include HSBC Holdings Plc, ABN Amro, ING, Prudential Plc, Principal Financial Group Inc, Deutsche Asset Management and Morgan Stanley.