SEBI permits interim sharing of certified past performance by advisers and analysts before PARIRVA launch

The Securities and Exchange Board of India (SEBI) has permitted investment advisers and analysts to share certified past performance data with clients during an interim regime ahead of the full implementation of the proposed PARIRVA (“Performance and Risk-Reward Visualisation Architecture”) framework. The move aims to enhance transparency and investor information, while regulatory standards and disclosures remain under development. Legal/compliance teams must ensure the certified data meets disclosure obligations and that forward-looking claims are appropriately qualified.