Banks and Non-Banking Financial Companies (NBFCs) planning to provide investment advisory services have to obtain approvals from both the RBI and the Sebi. Securities and Exchange Board of India (Sebi) in a public communication has said that a bank or an NBFC which proposes to undertake investment advisory services has to first obtain permission by Reserve Bank of India and then shall make an application for grant of registration.Through an subsidiary or separately identifiable department or division (SIDD). It also stated that any entity which willing to engage in the business of providing investment advice to clients or other persons or group of persons is required to get registration from the Sebi. The Market regulator said, investment advisers which are banks, NBFCs and body corporate providing distribution or execution services also to their clients shall keep such activities segregated from investment advisory activities Sebi said. Meanwhile, Sebi today slapped fines totaling 2 crore rupees on 17 entities for allegedly failing to make shareholding disclosures within the stipulated timeline.