07 May 2016 Current Affairs: India's fifth largest Private sector lender Yes Bank has received a ‘Custodian of Securities’ licence from the markets regulator SEBI to allows the entity to offer custodial services to financial market participants, including FIIs and foreign portfolio investors (FPIs).
The bank has given a year to establish the business by developing the operational, tech and human capital capabilities. The bank had earlier received the RBI’s approval to enter the CoS business. Once it receives the final nod, it can offer custodial services to financial market participants, including foreign portfolio investors which would help its fee-based income.
As per the MD of the bank Mr. Rana Kapoor the custodian services will complement its capital market offerings and help it channelize domestic and foreign investments into the country.
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 custody services.
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