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<h1>SEBI Amends Regulations: New Chapter IIIC Requires Verification of Past Returns by Recognized Agencies for Investment Advisers</h1> The Securities and Exchange Board of India (SEBI) has issued the Securities and Exchange Board of India (Intermediaries) (Second Amendment) Regulations, 2025, effective upon publication in the Official Gazette. This amendment introduces Chapter IIIC, focusing on the verification of past risk and return metrics for Investment Advisers, Research Analysts, Algo Providers, and certain intermediaries. Claims of returns or performance must be verified by a SEBI-recognized credit rating agency. Violations of these regulations may result in actions deemed appropriate by SEBI, including measures under Chapter V of the regulations.