Dec 6: Yes Bank has announced its entry into the mutual fund business. The fourth largest private bank in India has got the final approval from the capital markets regulator Securities and Exchange Board of India (SEBI) in this regard.
Yes Bank, in a filing to the stock exchanges, has stated that Yes Asset Management backed by the bank has got final approval from SEBI for the launch of mutual fund schemes, Yes Liquid and Yes Ultra Short Term Fund.
The approval from SEBI makes Yes Asset Management (India) the latest Indian company to enter the mutual fund segment. As many as 40 mutual fund firms are operating presently in the Indian market.
Yes Bank had earlier got the approval from the Reserve Bank of India (RBI) in this regard. In July 2018, the company got SEBI’s approval to begin mutual fund business.
T S Vijayan, former IRDA chairman, has been appointed as the additional director for a term of five years by the company with immediate effect. Recently, the company encountered the resignations of three independent directors, including Ashok Chawla, non-executive chairman. The panel which consists of Vijayan will appoint the successor of Rana Kapoor, to the chief executive officer.