Ease of doing business –Interim arrangement for certified past performance of Investment Advisers and Research Analysts prior to operationalisation of Past Risk and Return Verification Agency (“PaRRVA”)
SEBI, vide its circular dated October 30, 2025, introduces an interim arrangement allowing 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. Such data must be certified by a member of ICAI/ICMAI, shared only upon client request, and not published publicly. Once PaRRVA is operational, IAs/RAs must enrol within three months to continue sharing performance data, and after two years, only PaRRVA-verified metrics can be used. The circular also mandates use of a standard disclaimer and warns that violations may lead to enforcement action under SEBI regulations.
