Jul 4: YES Bank, India’s 4th largest private sector lender, on Thursday announced that it has received the final regulatory approval (Certificate of Registration) from the Securities & Exchange Board of India (SEBI) to commence its Mutual Fund business.
This approval is subsequent to the Reserve Bank of India’s (RBI) approval granted to the bank to sponsor a Mutual Fund followed by SEBI’s in-principle approval received subsequently.
On receiving the approval, Rana Kapoor, Managing Director & CEO, YES BANK, said, “YES Asset Management (India) Ltd (YAMIL) (a wholly owned subsidiary of YES Bank) will leverage YES Bank’s Knowledge Banking expertise and relationship capital across retail, corporate and institutional investors to effectively channelize 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. In keeping with YES Bank’s ethos, YAMIL will be built on a foundation of robust technology infrastructure, superlative human capital and best-in-class processes to offer finest quality services to its valued investors.”
The Bank has also recently received the final license 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 UAE lhrough its representative office in Abu Dhabi.