Banks, NBFCs need RBI, SEBI nod to act as investment advisers

A bank or an Non Banking Financial Corporation (NBFCs) which proposes to undertake investment advisory services has to first obtain permission from Reserve Bank of India and then shall make an application for grant of registration through a subsidiary or Separately Identifiable Department Or Division (SIDD), Securities and Exchange Board of India (SEBI) said in a public communication.Investment advisers who were engaged in providing investment advice before the
notification of the norms in 2013 have time till April 20, 2015 to obtain necessary certification.