Fidelity plans to offer entire MF range
02 Feb 2007
Mumbai: Fidelity Fund Management, the Indian subsidiary of global fund house Fidelity International, plans to offer its entire range of international mutual fund products to Indian investors but has come up against regulations.
The
Reserve Bank of India (RBI) rules allow Indian residents
to invest as much as $50,000 per annum outside the country
while Sebi has relaxed its norms to allow the India-registered
mutual funds to invest in shares of companies listed
in the overseas markets.
Fidelity, through their several international schemes, cover 95 per cent of the global market capitalisation and the past record of the funds would give the confidence to Indian investors to diversify their portfolios to the global markets said Fidelity sources.
Ashu
Suyash, India head of Fidelity Fund Management, said
under the existing rules, Fidelity was not in a position
to offer their existing schemes to Indian investors,
she said.
Fidelity, which launched its Indian mutual fund business 18 months ago, currently manages assets of Rs5,800 crore through six funds.
Fidelity
officials hinted that the fund house was looking at
providing products and services for the people getting
into the retirement-age in the next 15-20 years.
