YES Bank has received the final regulatory approval (certificate of registration) from the SEBI to commence its mutual fund business, said a company press release.
This approval is subsequent to the RBI approval granted to YES Bank to sponsor a mutual fund followed by SEBI’s in-principle approval received subsequently.
The AMC will operate out of the YES Bank group headquarters at YES Bank Tower, Lower Parel innovation district, Mumbai. The company has identified senior leadership and technology architecture to commence operations soon. CAMS is the registrar and transfer agent for the fund house.
The company will launch its funds over the next 6-12 months.
The AMC intends to build a ‘Digital First’ distribution network supported by robust processes and best-in-class human capital to capture the attractive and growing opportunity in the mutual funds space, said the company.
Recently, Fortune Financial Services has filed for its schemes with SEBI to launch mutual fund business under the name of ITI Mutual Fund.
Muthoot Finance, Frontline Capital Services and Karvy Stock Broking too have applied with SEBI to launch a mutual fund business in India.