CIRCULAR
HO/38/14/(11)2026-MIRSD-POD1/ I/18038/2026 August 03, 2026
To,
All Registered Investment Advisers
All Registered Research Analysts
Investment Adviser Administration and Supervisory Body (IAASB)
Research Analyst Administration and Supervisory Body (RAASB)
Dear Sir/Madam,
Sub: Extension of timeline for enrolment with PaRRVA as specified in SEBI
Circular No. HO/38/14/(4)2026-MIRSD-POD/I/10557/2026 dated April 29,
2026
1. SEBI vide circular no. HO/38/12/11(1)2025-MIRSD-POD/I/73/2025 dated October
30, 2025, specified that Investment Advisers (“IAs”)/ Research Analysts (“RAs”)
who wish to communicate certified past performance data to clients (including
prospective clients) must enrol with Past Risk and Return Verification Agency
(“PaRRVA”) within three months of its operationalization, else such IAs/RAs will
not be able to communicate certified past performance data to clients post three
months from the date of operationalization of PaRRVA.
2. Subsequently, SEBI, vide circular no. HO/38/14/(4)2026-MIRSD-POD/I/10557/
2026 dated April 29, 2026, specified that IAs/RAs who wish to communicate
certified past performance data to clients (including prospective clients) must enrol
with PaRRVA by August 03, 2026, in view of operationalization of PaRRVA from
May 04, 2026.
3. However, SEBI has received representations from industry participants and
PaRRVA requesting for an extension of aforesaid timeline for enrolment. After due
consideration, SEBI has decided to extend the timeline until September 03, 2026,
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with the objective of facilitating a smooth and seamless implementation of the
framework.
4. This circular is issued in exercise of powers conferred under Section 11(1) of
Chapter IV of the Securities and Exchange Board of India Act, 1992, read with
Regulation 16D, 16E and 16F of the SEBI (Intermediaries) Regulations, 2008,
Regulation 29 of the SEBI (Investment Advisers) Regulations, 2013 and Regulation
33 of SEBI (Research Analysts) Regulations, 2014 to protect the interests of
investors in securities, to promote the development of, and to regulate the
securities markets.
5. This circular is available on SEBI website at www.sebi.gov.in under the category:
‘Legal → Circulars’.
Yours faithfully,
Sanjukta Mahala
Deputy General Manager
Tel. No. 022-26449288
E-mail: sanjuktam@sebi.gov.in
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