Mumbai, May 5, 2016: YES BANK, India’s 5th largest private sector Bank, has been granted an in-principle approval by Securities and Exchange Board of India (SEBI) for acting as Custodian of Securities. YES BANK shall now invest in developing Operations, Technology and Human Capital capabilities and seek registration with SEBI as a Custodian of Securities. As per the in-principle approval, YES BANK shall establish this business within 12 months of this approval. The approval from SEBI is subsequent to the Reserve Bank of India’s approval granted to YES BANK for the Custodian of Securities Business.
“Custodian of Securities” is a license granted by SEBI to eligible entities allowing them to offer custodial services to financial market participants including Foreign Institutional Investors (FIIs) and Foreign Portfolio Investors (FPIs).
On receiving the in-principle approval from SEBI, Mr. Rana Kapoor, Managing Director & CEO, YES BANK said, “Custodial Services will complement YES BANK’s existing Capital Market offerings and enable the Bank to play a larger role in channelizing domestic and foreign investments into Indian Financial Markets. We intend to build state-of-the-art Technology driven infrastructure, integrated with best-in-class Human Capital to offer the finest quality Custodial services to our Capital Market Clients. This approval is a reflection of YES BANK’s growing presence in Indian financial markets and increasing market share over the last 12 years. We re-iterate our commitment towards providing complete financial products suite for all our customers”
The size of the custodial business in India is steadily growing with increasing value of assets under custody as well as newer investor classes such as Portfolio Management Services (PMS) and Alternative Investment Funds (AIF) opting for custody services. Given our increasing customer base and ability to offer a host of Transactional Banking and Financial Market products, adding Custodial services to YES BANK’s product suite has strong business potential which makes it an attractive business proposition.
About YES BANK LIMITED
YES BANK, India’s fifth largest private sector Bank with a pan India presence across all 29 states and 7 Union Territories of India, headquartered in the Lower Parel Innovation District (LPID) of Mumbai, is the outcome of the professional & entrepreneurial commitment of its Founder Rana Kapoor and its Top Management team, to establish a high quality, customer centric, service driven, private Indian Bank catering to the future businesses of India.
YES BANK has adopted international best practices, the highest standards of service quality and operational excellence, and offers comprehensive banking and financial solutions to all its valued customers.
YES BANK has a knowledge driven approach to banking, and offers a superior customer experience for its retail, corporate and emerging corporate banking clients. YES BANK is steadily evolving as the Professionals’ Bank of India with the long term mission of “Building the Finest Quality Bank of the World in India” by 2020.
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YES BANK Limited