New Delhi, Jul 5: Yes Bank has received the final regulatory approval from the Securities & Exchange Board of India (SEBI) to commence its mutual fund business, the bank said in a press release today.
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 fund house will be called Yes Asset Management (India) Limited (YAMIL).
“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 channelize their assets in equity and debt capital markets,” said Rana Kapoor, Managing Director & Chief Executive officer, Yes Bank.
“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,” he added.
YAMIL will operate out of the Yes Bank Group Headquarters at Yes Bank Tower, Lower Parel Innovation District, Mumbai.
According to the release, the operational set-up for YAMIL including a robust technology architecture, partnerships for fund accounting & custodian services and registrar & transfer agent services are already in place.