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Yes Bank receives Sebi approval to venture into mutual fund business

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

Press Trust of India  |  New Delhi 

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Yes Bank | File photo

 

on Wednesday said it has received approval from capital markets regulator to start business.

This approval is subsequent to the Reserve Bank of India's (RBI) approval granted to to sponsor a followed by SEBI's in-principle approval received subsequently, the bank said in a statement on Wednesday.

"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 and 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 markets over the next 6-12 months.

First Published: Wed, July 04 2018. 21:48 IST
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