Last month, Yes Mutual Fund had sought the regulator’s approval to launch its maiden schemes -- Yes Liquid Fund and Yes Ultra Short Term Fund.
Yes Mutual Fund has received the Securities and Exchange Board of India's approval to launch two mutual fund schemes, parent company Yes Bank said in a statement.
Last month, Yes Mutual Fund had sought the regulator’s approval to launch its maiden schemes -- Yes Liquid Fund and Yes Ultra Short Term Fund.
The open-ended liquid scheme will deploy its entire corpus in debt and money market instruments with a maturity/residual maturity of up to 91 days, while the ultra short-term scheme will primarily invest in debt and money market securities (with a Macaulay duration of 3-6 months).
The Macaulay duration is the weighted average term to maturity of the cash flows from a bond. The weight of each cash flow is determined by dividing the present value of the cash flow by the price.
In July this year, Yes Bank had received approval from the Reserve Bank of India and SEBI to start mutual fund operations.
