Archive · 31 Oct 2025
SEBI Introduces Interim Plan for Investment Advisers and Research Analysts
Imagine you want to know if a financial helper has a good track record.
Usually, a special agency checks and confirms this, but it's not ready yet.
So, SEBI, the money watchdog, said these helpers can show their past success stories to people who ask.
They need a certified accountant to check the numbers first.
This information can only be shared privately, not publicly.
Once the new agency is ready, everyone must use it to check their past results, and after two years, only that agency's verified data can be used.
SEBI has introduced an interim measure for Investment Advisers and Research Analysts regarding past performance data.
Under this arrangement, IAs and RAs can share certified past performance data with clients upon specific request.
The data must be certified by a member of ICAI or ICMAI and shared privately, not publicly.
A mandatory disclaimer is required, stating the data is not verified by the upcoming Past Risk and Return Verification Agency (PaRRVA).
IAs and RAs must enroll with PaRRVA within three months of its operationalization, with only PaRRVA-verified data allowed after two years.
- Who
- SEBI
- What
- Introduced an interim arrangement for Investment Advisers (IAs) and Research Analysts (RAs) to share past performance data with clients.
- When
- Thursday (announcement); interim measures to be replaced by PaRRVA in the future.
- Where
- India
- Why
- To allow IAs and RAs to share their track record responsibly with clients until the new verification agency, PaRRVA, is fully operational, addressing industry representations.
Industry Representation
Regulatory Measure
Sharing Past Performance Data
Industry Representation
Requested SEBI to allow Investment Advisers (IAs) and Research Analysts (RAs) to share past performance data with clients before the new verification agency is operational.
Regulatory Measure
Introduced an interim arrangement allowing certified private sharing of past performance data by IAs and RAs upon specific client request, with a mandatory disclaimer.
- Regulator
- Securities and Exchange Board of India (SEBI)
- Date of Announcement
- Thursday
- Interim Arrangement Validity
- Until Past Risk and Return Verification Agency (PaRRVA) is fully operational
- Interim Certification Bodies
- ICAI or ICMAI members
- Mandatory Disclaimer
- Data not verified by PaRRVA and may not be comparable across firms
- PaRRVA Enrollment Deadline
- Within three months of operationalization
- Exclusive Use of PaRRVA Data
- After two years from operationalization