Ease of doing business – Interim arrangement for certified past performance of Investment Advisers and Research Analysts prior to operationalisation of Past Risk and Return Verification Agency (“PaRRVA”)

Certified past performance may be shared with clients if ICAI/ICMAI certified, limited to one-to-one requests and templates.

Interim permission allows Investment Advisers and Research Analysts to provide past performance data certified by a member of ICAI or ICMAI for periods prior to PaRRVA operationalisation, only on specific client request and on a one-to-one basis, not publicly. Such providers must enrol with PaRRVA within a specified period after its launch or cease communicating certified past performance; post-operationalisation performance must use PaRRVA-verified metrics. All communications must include a prescribed disclaimer and follow templates to be issued by the supervisory bodies. Non-compliance may attract enforcement measures under applicable intermediaries regulation.