Mumbai, July 27 (IANS) Yes Bank said here on Wednesday that it has received in-principle approval from the Securities and Exchange Board of India (SEBI) to sponsor a mutual fund and to set up an asset management company and also a trustee company.
The private sector bank said in a stock exchange filing that it “has received an in-principle approval from SEBI to sponsor a mutual fund and to set up an Asset Management Company (AMC), and a trustee company. The AMC and the trust company shall be set up as wholly owned subsidiaries of Yes Bank.”
The bank has received the Reserve Bank of India’s (RBI) approval in this regard in October 2015.
Yes Bank has already identified the senior leadership and technological architecture to establish this business, and will start operations within 12 months, the statement added.
Meanwhile, the bank posted a net profit at Rs 731.80 crore for the first quarter ending in June on the back of higher net interest and other incomes — a 32.76 per cent rise over the PAT (Profit After Tax) of Rs 551.20 crore in the same period a year ago.