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

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")

30-Oct-2025 | HO/38/12/11(1)2025-MIRSD-POD/ I/73/2025

SEBI has issued a 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 PaRRVA, effective from 30th October 2025.

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 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.

Kindly refer to the attached document for more information.

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