YES Bank gets Sebi nod for setting up an Asset Management Company

By: | Updated: July 27, 2016 11:56 AM

Yes Bank said Asset Management Company will channelise savings of retail, corporate and institutional investors in equity and debt markets using our its Knowledge Banking expertise.

YES Bank receives in-principle nod from SEBI for setting up an Asset Management CompanyYes Bank said Asset Management Company will channelise savings of retail, corporate and institutional investors in equity and debt markets using our its Knowledge Banking expertise. (Photo: Reuters)

Yes Bank on Wednesday announced that it has got an approval from the market watchdog Securities and Exchange Board of India(SEBI) to sponsor a mutual fund and to setup an Asset Management Company (AMC), and a trustee company. The country’s 5th largest private sector bank is planning to commence operations within 12 months. Yes Bank has already identified senior leadership and technology architecture to establish this business. The Reserve Bank of India had approved the same in October 2015.

In a BSE filing, YES Bank said, “The AMC will futher strengthen YES Bank’s expertise in wealth management solutions, debt capital markets and gain from its significant and growing customer base and distribution network, and overall execution expertise, to build a large and profitable fund management franchise.”

The company tweeted that AMC will channelise savings of retail, corporate and institutional investors in equity and debt markets using our its Knowledge Banking expertise.

Shares of YES Bank were trading 1.03 per cent down at Rs 1,187.90 in the morning trade ahead of its first quarterly results slated to be announced later in the day.

Rana Kapoor, managing director and chief executive officer, YES Bank said, “Approval from Sebi to setup an Asset Management Company (AMC) will further deepen our value proposition for our retail customers.”

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