SEBI, through Circular No. HO/38/14/(11)2026-MIRSD-POD1/I/18038/2026 dated August 3, 2026, has extended the timeline for enrolment with the Past Risk and Return Verification Agency (PaRRVA) for registered Investment Advisers (IAs) and Research Analysts (RAs) who wish to communicate certified past performance data to clients, including prospective clients. Earlier, SEBI had specified enrolment within three months of PaRRVA becoming operational and later fixed August 3, 2026, as the enrolment deadline following PaRRVA’s operationalisation from May 4, 2026. Based on representations received from industry participants and PaRRVA, SEBI has extended the enrolment deadline to September 3, 2026, with the objective of facilitating a smooth and seamless implementation of the framework. The circular has been issued under Section 11(1) of the SEBI Act, 1992, read with the relevant provisions of the SEBI (Intermediaries) Regulations, 2008, SEBI (Investment Advisers) Regulations, 2013, and SEBI (Research Analysts) Regulations, 2014.
Securities and Exchange Board of India
Circular No. HO/38/14/(11)2026-MIRSD-POD1/ I/18038/2026 | Dated: 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, with the objective of facilitating a smooth and seamless implementation of the framework.
Thi4. s 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 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
