Thursday, 28 July 2016

Yes Bank gets SEBI nod for Mutual Fund

Yes Bank said here on Wednesday that it has received in-principle approval from the Securities and Exchange Board of India (SEBI) to sponsor a mutual fund and to set up an asset management company and also a trustee company. The private sector bank said in a stock exchange filing that it "has received an in-principle approval from SEBI to sponsor a mutual fund and to set up 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." The bank has received the Reserve Bank of India's (RBI) approval in this regard in October 2015.

Yes Bank has already identified the senior leadership and technological architecture to establish this business, and will start operations within 12 months, the statement added.

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