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

CIRCULAR HO/38/12/11(1)2025-MIRSD-POD/ I/73/2025 October 30, 2025 To, All Registered Investment Advisers All Registered Research Analysts Investment Adviser Administration and Supervisory Body (IAASB) Research Analyst Administration and Supervisory Body (RAASB) Madam / Sir, Sub: 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 circular dated April 4, 2025, specified the framework for creation and operationalization of PaRRVA in order to address the demand of Investment Advisers ("IAs") and Research Analysts("RAs") to display their performance . PaRRVA will carry out the verification activities prospectively for the period post on-boarding of the IAs/RAs with PaRRVA SEBI has received representations from the Industry associations of IAs/RAs to facilitate IAs/RAs to communicate past performance data to clients for the period prior to operationalisation of PaRRVA. Considering the representation of the industry , as an interim arrangement , the following has been decided: IAs/RAs may provide past performance data certified by a member of ICAI/ICMAI to a client (including prospective client) only on specific request of such client; Such past performance data shall be communicated to clients (including prospective clients) on a one-to-one basis and such past performance data shall not be made available to general public through public media/website of IA/RA or any other mode. IAs/RAs who wish to communicate certified past performance data to clients (including prospective clients) must enrol with PaRRVA within three months of its operationalization, else such IAs/RAs will not be able to communicate certified past

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