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”)

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.... All Registered Research Analysts Investment Adviser Administration and Supervisory Body (IAASB) Research Analyst Administration and Supervisory Body (RAASB) Madam / Sir, Sub: 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") 1. SEBI, vide ....

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....c request of such client; b) Such past performance data shall be communicated to clients (including prospective clients) on a one-to-one basis and such past performance data shall not be made available to general public through public media/website of IA/RA or any other mode. c) IAs/RAs who wish to communicate certified past performance data to clients (including prospective clients) must enro....

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....pose. The performance data presented herein may not be comparable to performance data of any other IA/ RA. Computation of the performance may vary across the industry. Users are requested to apply their due diligence before making investment decisions on the basis of the given past performance data. Past performance is no guarantee of future results. Investment in securities is subject to market r....

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....is circular will make an entity liable for enforcement actions, including summary proceedings "under Regulation 30A.(1)( c) of SEBI(Intermediaries) Regulations, 2008 which states that a person found to have made claim(s) of return or performance in respect of or related to a security or securities, unless otherwise permitted by the Board to make such claim(s) shall be liable for summary proceeding....