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Corporate Laws Central Ministry of Finance Securities and Exchange Board of India Act, 1992

BSE - Reiteration of SEBI Circular - Interim arrangement for certified past performance of Research Analysts prior to operationalisation of Past Risk and Return Verification Agency (PaRRVA)

31-Oct-2025 | Notice No. 20251031-46

BSE has reiterated the SEBI circular regarding the communication of past performance data to clients by Investment Advisers (IAs) and Research Analysts (RAs) for the period before the operationalisation of the Past Risk and Return Verification Agency (PaRRVA). Through this circular, IAs or RAs can provide data certified by a member of ICAI/ICMAI to clients only on a specific request by them on a one-to-one basis, and this data shall not be made available to the public through public media or website. IAs or RAs must register with PaRRVA within 3 months of operationalisation for communication of the data. Also, a disclaimer as specified in Para 3(e) has to be attached to any communication of such past performance data. Research Analysts are requested to take note of the same and ensure compliance. Kindly refer to the attached document for more information.

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