JPMorgan, financial adviser for Fidelity mutual fund, circulated the so-called request for proposal (RFP) to accept bids from prospective buyers. The deadline for submitting bids expired on Wednesday.

The confusion between the capital market regulator, Securities and Exchange Board of India (Sebi), and the Indian mutual funds (MF) industry’s trade body, the Association of Mutual Funds of India (Amfi), over who will do the distributor due diligence has been cleared.

Two different sets of data on what equity funds in the country are doing with regard to inflows or outflows they encounter and how much of purchases or sales they effect in the equity market, have for the first time begun to converge.

The interest rates are at their peak levels with the Reserve Bank of India (RBI) signaling a softening in the monetary policy in its previous quarterly review last month. The RBI is expected to cut the key interest rates, going forward, in the near to medium terms, if the inflation rate stays down. It is an opportunity for all investors - those with a high risk appetite and the risk-averse - to lock-in to debt instruments that offer high interest rates for a medium to long term.

Fidelity Mutual Fund’s investment manager, FIL Fund Management, whose operations has been under strategic review of Fidelity Worldwide Investments for some time now, saw no year-on-year decline in its total income in financial year 2010-11 (FY11) which could have caused its operating loss to double in that year.

IDBI Mutual Fund is mulling over the introduction of more equity products in the coming months, a senior official said today.