Yes Bank, India's fifth largest private sector bank has been granted an in-principle approval by Securities and Exchange Board of India (SEBI) for acting as custodian of securities. Yes Bank shall now invest in developing Operations, Technology and Human Capital capabilities and seek registration with SEBI as a Custodian of Securities. As per the in- principle approval, Yes Bank shall establish this business within 12 months of this approval. The approval from SEBI is subsequent to the Reserve Bank of India's approval granted to Yes Bank for the Custodian of Securities Business.
‘Custodian of Securities’ is a license granted by SEBI to eligible entities allowing them to offer custodial services to financial market participants including Foreign Institutional Investors (FIIs) and Foreign Portfolio Investors (FPIs).
