Shares of private sector lender Yes Bank rallied more than 3 percent intraday on Thursday as it received approval from capital market regulator SEBI to launch mutual fund business.
"...has received the final regulatory approval (Certificate of Registration) from the Securities & Exchange Board of India (SEBI) to commence the mutual fund business," the country's fourth largest private sector lender said in a statement.
This approval is subsequent to the Reserve Bank of India��s approval granted to the bank to sponsor a mutual fund followed by SEBI's in-principle approval received subsequently, it added.
"This strategic initiative will further complement Yes Bank's retail liabilities and wealth management strategy, and also allow YES Asset Management India (YAMIL) to build on the bank's ��DIGICAL�� distribution network to provide customers a seamless Investment and Banking experience," Rana Kapoor, Managing Director & CEO, Yes Bank said.
related news Biocon shares gain nearly 2% on EU GMP certification for Bengaluru facility Force Motors gains 4% post June sales dataThe migration of this differentiated sectoral knowledge will allow YES Asset Management (India) Limited, a wholly owned subsidiary of Yes Bank, to launch fund offerings across the spectrum of both Debt & Equity markets over the next 6-12 months, the bank said.
The lender also recently received the final license from SEBI to launch its custodian of securities business. The bank will also be opening representative offices in London and Singapore as per recent approval from RBI, in addition to its presence in UAE through its representative office in Abu Dhabi.
At 10:21 hours IST, the stock price was quoting at Rs 344.80, up Rs 9.30, or 2.77 percent on the BSE. First Published on Jul 5, 2018 10:36 am
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