Can a SEBI research analyst or investment adviser show past performance? The PaRRVA rules in 2026

Only in two narrow ways. In any advertisement or public post, an RA or IA may show past performance only as risk and return metrics verified by the Past Risk and Return Verification Agency (PaRRVA). Separately, until 3 May 2028, an adviser who enrolled with PaRRVA by 3 September 2026 may give a client performance data for the period before 4 May 2026, certified by a chartered accountant or cost accountant, one-to-one and only when the client asks. Accuracy percentages in ads are banned either way.

1. 21 March 2025

   Chapter IIIC on verification of past risk and return metrics inserted in the SEBI (Intermediaries) Regulations, 2008

2. 29 April 2026

   SEBI recognises Care Ratings Limited as PaRRVA, with NSE as the PaRRVA Data Centre

3. 4 May 2026

   PaRRVA begins regular services; performance after this date can only be shown as PaRRVA-verified metrics

4. 3 September 2026

   Last date to enrol with PaRRVA to keep sharing certified pre-PaRRVA data (extended from 3 August 2026)

5. 8 April 2027

   Common Advertisement Code: ratings and rankings in ads only if assigned by a PaRRVA

6. 3 May 2028

   Last day certified pre-PaRRVA data may be shared; after it, PaRRVA-verified metrics only

Who PaRRVA is

SEBI's circular of 29 April 2026 (HO/38/14/(4)2026-MIRSD-POD/I/10557/2026) records that "Care Ratings Limited ("CRL") has been granted recognition as PaRRVA, with National Stock Exchange India Limited ("NSE") acting as PDC" and that CRL "shall begin providing its services on regular basis from May 04, 2026" (paras 2 and 3). The legal base is regulation 16E(1) of the Intermediaries Regulations, which lets RAs and IAs claim returns "in the form of risk and return metrics, which have been verified by a credit rating agency recognized by the Board to carry out the activity of a Past Risk and Return Verification Agency."