Private sector lender Yes Bank on Wednesday said it has received an in-principle approval from the capital markets regulator Securities and Exchange Board of India (Sebi) to sponsor a mutual fund and to set up an asset management company and a trustee company.
In a BSE filing, Yes Bank said it "has received an in-principle approval from Sebi to sponsor a Mutual Fund and to setup an asset management company (AMC), and a trustee company. The AMC and the trust company shall be set up as wholly owned subsidiaries of Yes Bank."
Yes Bank got the Reserve Bank of India's (RBI) approval granted in October 2015.
Yes Bank said it has already identified senior leadership and technology architecture to establish this business, and will commence operations within 12 months.
Shares of Yes Bank were trading at Rs 1,189.35, down 0.91 per cent, from previous close on BSE.
