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BankingNABARD / RBI

SEBI Interim Relief on Past Performance Data for IAs and RAs

1 November 20251 min read
BANKING & FINANCESEBI Interim Reliefon PastPerformance Datafor IAs and RAs1 November 2025safalsetu.com

Why in the news

SEBI gave a temporary concession to IAs and RAs on showing track records while PaRRVA is not yet running.

Key facts

  • Sharing only one-to-one on client request, never publicly or in ads.
  • Verification by a CA or CMA, with a disclaimer that PaRRVA did not verify it.
  • Register with PaRRVA within three months of launch; after that, only PaRRVA-verified data is allowed.
  • PaRRVA framework approved April 2025; it verifies prospectively to curb misleading claims.

IAs versus RAs

AspectIARA
RulesInvestment Advisers Regulations, 2013Research Analysts Regulations, 2014
RolePersonalised advice and plansResearch reports and calls
ConductFee-only; disclose conflictsIndependent, record-keeping

Exam angle

  • PaRRVA: Past Risk and Return Verification Agency.

Test yourself

1. What does PaRRVA stand for in SEBI's framework for advisers?

PaRRVA is the Past Risk and Return Verification Agency.

2. Under SEBI's interim relief, who must verify past performance data shared by IAs and RAs?

The data must be verified by a Chartered Accountant or Chartered Management Accountant.

3. Within what period of PaRRVA's launch must advisers using the interim relief register with it?

They must register within three months of its launch.

This topic is part of Daily Current Affairs 31 October 2025 (15 topics).

All topics of the dayDay quizOctober 2025

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