From 4 May 2026, SEBI registered research analysts and investment advisers may advertise past performance or risk-return metrics only if they are verified by the Past Risk and Return Verification Agency, known as PaRRVA. The rule came from a SEBI circular of 29 April 2026. A narrow interim route for certified older data runs only until 3 May 2028.
What PaRRVA is
PaRRVA stands for Past Risk and Return Verification Agency. Under the RA Master Circular, paras 11.1(c)(xii), 22 and 23, and the IA Master Circular, paras 10.1(c)(xii), 24 and 25, past performance or risk-return metrics may be advertised only if PaRRVA has verified them. Earlier circulars dated 4 April 2025 and 30 October 2025 led up to the framework.
The timeline
The dates below are the ones to track. Some are already past, but they explain why older performance pages and sales decks need review, and the final date in 2028 marks the end of the interim route for certified older data.
| Date | What happened or happens |
|---|---|
| 4 April 2025 | Circular on performance claims |
| 30 October 2025 | Further circular on performance claims |
| 29 April 2026 | SEBI circular on PaRRVA going live |
| 4 May 2026 | PaRRVA live |
| 3 August 2026 | Circular extending the enrolment deadline |
| 3 September 2026 | Extended enrolment deadline |
| 3 May 2028 | End of one to one sharing of certified pre-PaRRVA data |
What you can do now
Public pages and advertisements may carry only PaRRVA-verified performance or risk-return metrics. Unverified figures on a website, in a reel or in a channel message must come down, along with return-based testimonials and profit screenshots. Check older blog posts and pinned messages too.
Accuracy claims are a separate issue. Percentage accuracy, hit rates and success rates are banned outright under the advertisement code, and the fix is to use PaRRVA-verified risk-return metrics where they are allowed rather than accuracy figures. Remove them wherever they appear.
The interim route for older data
Certified performance data for the period before PaRRVA can still be shared, but only under strict conditions. It must go one to one, only when a client or prospect asks, with the prescribed disclaimer, and only by RAs and IAs enrolled with PaRRVA. It can be shared this way only up to 3 May 2028, after which only PaRRVA-verified metrics may be used.
Certified pre-PaRRVA data must never be posted publicly. Use the exact interim disclaimer, keep a record of each request and response, and add it to your five year communication records. If a request comes from a prospect, treat the reply as a regulated communication.
Model portfolios
RAs that issue model portfolios face a related rule. Each model portfolio must be issued through a research report with a factsheet that is true to its label and states the methodology, investment horizon, review frequency, risks and an appropriate benchmark, with performance validated by the SEBI-specified agency. Compliance with these model portfolio guidelines was due by 30 June 2025.
Wording to remove
Search past posts, landing pages and sales decks for the phrases below, and remove or replace them unless the figure is PaRRVA verified. Pay particular attention to video captions, thumbnails and pinned comments, which are easy to overlook in a review.
- Our calls gave, returns delivered or made returns
- CAGR, XIRR, percent profit or percent gain figures
- Track record or portfolio grew claims
- Multibagger calls
- Profit screenshots and client earned testimonials
Getting ready for 2028
The interim route has a fixed end date, so plan for a world where only verified metrics exist. Keep enrolment records and the disclaimer text on file. For help checking pages and posts for performance claims, XDQ Labs offers XDQ xAgents for RAs and IAs (/product/xfintech-agents/). This guide is general information, not legal or investment advice. Confirm with your compliance officer.
Frequently asked questions
What is PaRRVA in SEBI?
PaRRVA is the Past Risk and Return Verification Agency. From 4 May 2026, RAs and IAs may advertise past performance or risk-return metrics only if PaRRVA has verified them, under a SEBI circular dated 29 April 2026.
Can a research analyst show past returns on its website?
Only PaRRVA-verified performance or risk-return metrics may appear in public material. Unverified figures, profit screenshots and accuracy claims must be removed. Certified pre-PaRRVA data may be shared only one to one, on request, until 3 May 2028.
What was the PaRRVA enrolment deadline?
A SEBI circular of 3 August 2026 extended the enrolment deadline to 3 September 2026. Only RAs and IAs enrolled with PaRRVA may use the interim route for certified pre-PaRRVA data.
Until when can pre-PaRRVA performance data be shared?
Up to 3 May 2028, and only one to one, on request, with the prescribed disclaimer, by RAs and IAs enrolled with PaRRVA. It must never be shared publicly. After that date, only PaRRVA-verified metrics may be used.
Sources
- SEBI circular on the Past Risk and Return Verification Agency (PaRRVA), April 2026, SEBI, 2026
- Master Circular for Research Analysts, 6 February 2026, SEBI, 2026
- Master Circular for Investment Advisers, 6 February 2026, SEBI, 2026
- SEBI (Research Analysts) Regulations, 2014, amended up to 10 October 2026, SEBI, 2026
- SEBI (Investment Advisers) Regulations, 2013, amended up to 25 November 2025, SEBI, 2025
- RAASB and IAASB enlistment portal, BSE Limited, 2026
