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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(This article was published in the Business Line print edition dated February 27, 2005)
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