YES Bank gains 3% post SEBI's approval to launch mutual fund business

The stock was up 3% at Rs 346 on the BSE after the bank said that it has received the final regulatory approval SEBI to commence its mutual fund business.

Shares of YES Bank were trading 3% higher at Rs 346 per share on the BSE after the bank said 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.
 

YES Bank was the top gainer among the S&P BSE Sensex and Nifty 50 stocks at 09:58 am.

"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 & CEO, 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, added Rana Kapoor.

YES Bank has also recently received the final license from SEBI to launch its Custodian of Securities business.

Till 09:58 am; the counter has seen huge trading volumes with a combined 5.5 million shares changed hands on the BSE and NSE so far.