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Sunday, Feb 27, 2005

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SEBI okays Fidelity plans

  • Fidelity Investments has received permission from SEBI to launch equity funds in India. Fidelity has already filed a draft prospectus with SEBI for its maiden equity fund, Fidelity Equity. The proposed fund will invest across sectors. The portfolio will comprise 60-80 stocks. The fund will ordinarily invest up to 95 per cent of its assets in equities, but may invest up to 20 per cent in money market instruments.

  • SBI Mutual Fund has launched a mid-cap fund, Magnum MidCap Fund. It will invest in stocks with a market capitalisation of Rs 200-2,000 crore. The minimum investment amount is Rs 5,000. The fund offers dividend and growth options. The offer closes on March 17.

  • Principal Mutual has declared dividend of 100 per cent on Principal Resurgent India Equity Fund. The record date is February 24.

  • Sundaram Mutual has declared dividends of 20 per cent each on Sundaram Select Focus and Sundaram Growth. The record dates are March 4 and March 11 respectively.

  • UTI Mutual Fund has declared a maiden dividend of 12 per cent for UTI Basic Industries Fund and a dividend of 25 per cent for UTI Growth and Value Fund. The record date for both the dividend payments is March 10. The fund house has also declared a dividend of 18 per cent for UTI Balanced Fund. The record date is March 17.

  • Franklin Templeton Mutual Fund has proposed a dividend for Franklin India Taxshield. The record date is March 18.

  • HDFC Mutual proposes to declare dividend on HDFC Prudence and HDFC Balanced Fund. The record date for the dividend will be March 18.

  • Franklin Templeton Mutual has mopped up Rs 1,950 crore from the initial offering of Franklin Flexicap. This is the largest amount mobilised by any open-end fund IPO. The fund will be open for an ongoing basis from March 7.

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