YES Bank gets Sebi approval for MF biz

YES Bank gets Sebi approval for MF biz

A security guard stands outside a Yes Bank branch at its headquarters in Mumbai. REUTERS

Private sector lender YES Bank announced that it has received the final regulatory approval (Certificate of Registration) from Sebi to commence its mutual funds business.

This approval is subsequent to the Reserve Bank of India's approval granted to YES Bank to sponsor a Mutual Fund followed by Sebi's in-principle approval received subsequently.

YES Bank MD and CEO Rana Kapoor said, "YES Asset Management (India) (YAMIL) will leverage YES Bank's knowledge banking expertise and relationship capital across retail, corporate and institutional investors to effectively channelise their assets in equity and debt capital markets. This strategic initiative will further complement YES Bank's retail liabilities and wealth management strategy, and also allow YAMIL to build on the bank's 'DIGICAL' distribution network to provide customers a seamless investment and banking experience."

YAMIL will operate out of the YES Bank Group Headquarters at YES Bank Tower, Lower Parel Innovation District, Mumbai. The operational setup for YAMIL, including a robust technology architecture, partnerships for fund accounting and custodian services and registrar and transfer agent services is already in place.

A management team has been recruited to establish the operations under the guidance of the Board of Directors and Trustees.

This approval marks another significant milestone in YES Bank's growing presence in the Indian financial markets. The bank has also recently received the final licence from Sebi to launch its Custodian of Securities business. The bank will also be opening Representative Offices in London and Singapore as per recent approval from RBI, in addition to its presence in the UAE through its representative office in Abu Dhabi.

 

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