Yes Bank on Wednesday said it has received approval from capital markets regulator Sebi to start 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, 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 equity and debt capital 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 equity markets over the next 6-12 months.