SEBI Permits Interim Sharing of Certified Past Performance by Advisers and Analysts Before PaRRVA Launch [Read Circular]

The Securities and Exchange Board of India (SEBI) issued a circular dated October 30, 2025, announcing an interim arrangement for Investment Advisers (IAs) and Research Analysts (RAs) to share certified past performance data with clients until the Past Risk and Return Verification Agency (PaRRVA) becomes fully operational.

SEBI had earlier, through a circular issued on April 4, 2025, created the framework for PaRRVA, which will verify and certify the risk and return performance of IAs and RAs. PaRRVA will work prospectively, meaning it will only verify data for the period after advisers and analysts are registered with it.

Industry associations representing investment advisers and research analysts requested SEBI to permit sharing of performance data from the period before PaRRVA becomes active.

Responding to these requests, SEBI has now allowed advisers and analysts to share their past performance data, provided certain conditions are met. The data must be certified by a member of the Institute of Chartered Accountants of India (ICAI) or the Institute of CostAccountants of India (ICMAI).

Such information can be shared only upon a specific request from a client or prospective client, and cannot be published on websites, social media, or any public platform.

SEBI has also directed that any adviser or analyst who wishes to share certified performance data must register with PaRRVA within three months of its launch. After PaRRVA becomes operational, only performance verified by the agency can be shared with clients. Any past data shared during the interim period must include a mandatory disclaimer stating that it has not been verified by PaRRVA and that past performance is not a guarantee of future results.

After two years of PaRRVA’s operation, advisers and analysts will be permitted to share only PaRRVA-verified data. SEBI has instructed supervisory bodies such as IAASB and RAASB to develop standard templates for presenting such certified information within one month.

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