YES Bank gains 3% post SEBI's approval to launch mutual fund business

Shares of YES Bank were trading 3% higher at Rs 346 per share on the BSE after the bank said that it has received the final regulatory approval (Certificate of Registration) from the Securities & Exchange Board of India (SEBI) to commence its mutual fund business.

 
YES Bank was the top gainer among the S&P BSE Sensex and Nifty 50 stocks at 09:58 am.

This strategic initiative will further complement YES Bank's retail liabilities and wealth management strategy, and also allow YAMIL to build on the Bank's 'DIGICAL' distribution network to provide customers a seamless Investment and Banking experience, added Rana Kapoor.

YES Bank has also recently received the final license from SEBI to launch its Custodian of Securities business.

Till 09:58 am; the counter has seen huge trading volumes with a combined 5.5 million shares changed hands on the BSE and NSE so far.