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The Securities and Exchange Board of India has given an in-principle approval to YES Bank for sponsoring a mutual fund. The bank will also set up an asset management company (AMC), besides a trustee company, said a statement from YES Bank.
The AMC and the trustee company would be wholly owned subsidiaries of the bank.
The bank had received RBI approval for setting up a fund house last October.
The fund house is likely to commence operations within 12 months as the bank had already identified the requisite senior leadership and technology architecture, the statement said.
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