Yes Bank, India's 4th largest private sector bank 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 YES 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) (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. 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.''
YAMIL will operate out of the Yes Bank Group Headquarters at Yes Bank Tower, Lower Parel Innovation District, Mumbai. The operational set-up for YAMIL including a robust technology architecture, partnerships for Fund Accounting & Custodian Services and Registrar & Transfer Agent services is already in place. A highly competent Management Team has been recruited to establish the operations under the guidance of the Board of Directors and Trustees comprising of highly accomplished professionals, who have been/are leaders in their respective fields.
Yes Bank's established sectoral 'Knowledge Banking' approach has allowed the Bank to build expertise across key growth sectors of the economy with customized financial solutions. The migration of this differentiated sectoral knowledge will allow YES Asset Management (India), a wholly owned subsidiary of Yes Bank, to launch fund offerings across the spectrum of both Debt & Equity markets over the next 6-12 months.
Shares of the bank declined Rs 1.3, or 0.39%, to settle at Rs 335.50. The total volume of shares traded was 211,556 at the BSE (Wednesday).