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Yes Bank gets SEBI’s approval to launch mutual fund business

Yes Bank gets SEBI's approval to launch mutual fund business

Yes Bank today said it has received approval from capital markets regulator SEBI to start mutual fund business.



Mid-size private sector lender Yes Bank today said it received final Sebi regulatory approval to begin mutual fund business. The bank had already received the approval for the same from the Reserve Bank earlier.

This approval is subsequent to the Reserve Bank of India’s (RBI) approval granted to Yes Bank to sponsor a mutual fund followed by SEBI’s in-principle approval received subsequently, the bank said in a statement today.

“Yes Asset Management will further complement the bank’s retail liabilities and wealth management strategy, and also allow it to build on the bank’s distribution network to provide customers a seamless investment and banking experience, the bank said in a statement.

“Yes Asset Management (India) Limited (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,” the bank’s Managing Director and Chief Executive Officer Rana Kapoor said.

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 distribution network to provide customers a seamless investment and banking experience, Kapoor said.

The lender said it has recruited a team to establish the operations under the guidance of the Board of Directors and trustees.

Yes Asset Management will launch fund offerings across the spectrum of both debt and equity markets over the next 6-12 months.

Yes Bank has been growing its presence in the financial markets of late. It recently received the final licence from the Sebi to launch its custodian of securities business, prior to which it had also entered the Gift city IFSC. The bank will also be opening representative offices in London and Singapore. It is already present in Abu Dhabi.

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