Fidelity gets Sebi nod for India foray

World's largest fund house Fidelity, which manages assets worth $1.2 trillion, has got an approval from securities and Exchange Board of India for launching mutual funds in India.

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

Fidelity Fund Management Private Ltd, the Indian arm of the Fidelity International Ltd, has received the certification of registration from Sebi, a company release said.

"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," he said. Fidelity has an investor base of 20 million worldwide.