Yes Bank rose over 3% to Rs.346.30, its current intra day high and volumes are also pretty robust.

The company has good news – it has received SEBI’s approval to commence its Mutual Fund business. This approval is subsequent to the Reserve Bank of India's (RBI) approval granted to YES BANK to sponsor a Mutual Fund followed by SEBI's in-principle approval received subsequently.

YES Asset Management (India) Limited ('YAMIL') will leverage Yes Bank’s Knowledge Banking expertise and relationship capital across retail, corporate and institutional investors to effectively channelize their assets in equity and debt capital markets.

YAMIL will operate out of the Yes Bank’s Group Headquarters in Mumbai and will launching fund offerings across the spectrum of both Debt & Equity markets over the next 6-12 months.

The Bank has also recently received the final license from SEBI to launch its Custodian of Securities business. The Bank will also be opening Representative Offices in London and Singapore as per recent approval from RBI, in addition to its presence in UAE through its representative office in Abu Dhabi.