The Securities and Exchange Board of India (SEBI) has recently given approval to Yes Bank, which is one of the largest private-sector lenders in India, to launch its mutual fund business. SEBI issued the Certificate of Registration to Yes Bank after the RBI gave approval to the lender for sponsorship of a mutual fund, following which SEBI gave Yes Bank its in-principle approval.
The mutual fund house that will be launched by Yes Bank will be called the Yes Asset Management (India) Limited or YAMIL in short. Mr. Rana Kapoor, the MD and CEO of the bank, said YAMIL will be leveraging Yes Bank’s relationship capital, banking expertise, and knowledge to channelise its assets in debt and equity capital markets. He further said that YAMIL will be utilising Digical, which is Yes Bank’s distribution network, in order to provide its clients a seamless and hassle-free experience in investment and banking processes.
Once launched, the mutual fund house will operate out of the Yes Bank Tower in Mumbai. Yes Bank announced that the operational set up for the mutual fund house has already been put in place. Further, the bank also said that it has recruited a management team in order to establish operations under the guidance of its trustees and board of directors. YAMIL is expected to launch various fund offerings across both equity and debt markets during the course of the next few months.
Source: The Times of India, Money Control, Live Mint