The Yes Bank on Thursday announced it has received in-principle approval from the Securities and Exchange Board of India (SEBI) to act as custodian of securities.
The private sector bank has been given a year's time to establish the business by developing the operational, technical and human capital capabilities, a bank statement said.
"Yes Bank shall now invest in developing operations, technology and human capital capabilities and seek registration with SEBI as a custodian of securities," it said, adding the size of 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 the service.
Yes Bank chief executive Rana Kapoor said: "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 intend to build state-of-the-art technology driven infrastructure, integrated with best-in-class human capital."
--IANS
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