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On Thursday, the YES Bank has announced that it got in-principle approval from the Securities and Exchange Board of India (SEBI) to act as custodian of securities.
According to a statement by the bank, it has given a year’s time for establishing the business by developing the operational, technical and human capital capabilities.
It said that “YES Bank shall now invest in developing operations, technology and human capital capabilities and seek registration with SEBI as a custodian of securities.”
Rana Kapoor, YES Bank’s chief executive has said that “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 intended to build state-of-the-art technology driven infrastructure, integrated with best-in-class human capital”.
