The Securities and Exchange Board of India (SEBI) has extended the deadline for Investment Advisers (IAs) and Research Analysts (RAs) to enrol with the Past Risk and Return Verification Agency (PaRRVA) by one month, providing additional time for compliance with the new performance verification framework.
The enrolment deadline has been revised from August 3, 2026, to September 3, 2026, following requests from industry participants and PaRRVA for additional time to complete the registration process. SEBI said the extension is intended to facilitate a smooth and seamless implementation of the framework.
What is PaRRVA?
PaRRVA is SEBI’s newly operationalised framework designed to independently verify the past risk and return performance communicated by investment advisers and research analysts. The regulator introduced the framework to improve transparency, standardise performance reporting, and strengthen investor protection against misleading return claims.
The framework became operational on May 4, 2026, with CARE Ratings Limited recognised as the first PaRRVA and the National Stock Exchange (NSE) serving as the PaRRVA Data Centre.
Who Needs to Enrol?
Under SEBI’s regulations, all registered Investment Advisers and Research Analysts who wish to communicate certified past performance data to existing or prospective clients must enrol with PaRRVA.
Failure to enrol by the revised September 3, 2026 deadline will prevent intermediaries from communicating certified past performance data to clients under the regulatory framework.
Transition Period Continues Until 2028
SEBI has retained the existing transition timeline, allowing advisers and analysts to use certified pre-PaRRVA performance data until May 3, 2028. After that date, only PaRRVA-verified risk and return metrics can be used in client communications or promotional material.
Key Highlights
- Revised enrolment deadline: September 3, 2026
- Earlier deadline: August 3, 2026
- Applicable to: Investment Advisers (IAs) and Research Analysts (RAs)
- Framework objective: Independent verification of past risk and return performance
- Operational since: May 4, 2026
- Pre-PaRRVA data allowed until: May 3, 2028
- Reason for extension: To ensure a smooth implementation after industry representations.
Source: SEBI Circular dated August 3, 2026, and regulatory updates.
