Regulatory Alerts2025-10-30
SEBI Interim Arrangement for Certified Past Performance of Investment Advisers and Research Analysts Prior to PaRRVA Operationalization
The Securities and Exchange Board of India (SEBI) has issued an interim circular permitting Investment Advisers and Research Analysts to share past performance data with clients prior to the operationalization of the Past Risk and Return Verification Agency (PaRRVA). This data must be certified by ICAI or ICMAI members, communicated strictly on a one-to-one basis upon specific client request, and accompanied by mandatory disclaimers stating it is not PaRRVA-verified. Entities must enroll with PaRRVA within three months of its launch, and after two years, only PaRRVA-verified metrics will be permitted for client communications.
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