The current SEBI PaRRVA deadline is September 3, 2026. It applies to registered Investment Advisers and Research Analysts who want to communicate certified past-performance data to existing or prospective clients.
The circular does not establish compulsory PaRRVA enrolment for every registered adviser or analyst. It connects enrolment to the use of certified historical performance claims.
Current status — last verified August 4, 2026
SEBI extended the PaRRVA enrolment deadline from August 3 to September 3, 2026.
The extension was granted after representations from industry participants and PaRRVA, with SEBI citing smooth and seamless implementation of the framework.
Direct answer
Registered IAs and RAs must enrol by the current deadline only when they want to communicate certified past-performance data to clients or prospective clients.
Missing the deadline does not automatically cancel their SEBI registration. It prevents them from continuing to communicate certified past-performance data under the applicable framework.
What the SEBI PaRRVA deadline means
- Current enrolment deadline: September 3, 2026.
- Previous deadline: August 3, 2026.
- PaRRVA became operational on May 4, 2026.
- The obligation is tied to communicating certified past-performance data.
- Pre-PaRRVA performance has separate temporary rules.
- The final cut-off for using permitted pre-PaRRVA performance is May 3, 2028.
Contents
Who must enrol with PaRRVA?
The August 3 extension circular is addressed to all registered Investment Advisers, all registered Research Analysts, IAASB and RAASB.
However, the operative requirement is narrower than the list of addressees.
It applies to registered Investment Advisers and Research Analysts who wish to communicate certified past-performance data to:
- existing clients;
- prospective clients.
An adviser or analyst intending to make such claims must complete PaRRVA enrolment by the applicable deadline.
Is PaRRVA enrolment compulsory for every IA and RA?
No universal requirement is established by these circulars.
The trigger is the intention to communicate certified past-performance data.
PaRRVA enrolment required
- The IA or RA wants to communicate certified historical performance.
- The performance will be shown to an existing client.
- The performance will be shown to a prospective client.
Not automatically established as required
- The entity is registered with SEBI but does not make certified performance claims.
- The adviser or analyst continues ordinary regulated services without using such claims.
- The entity is listed as an addressee but has no intention to communicate past performance.
SEBI registration and PaRRVA enrolment are not the same thing.
Being registered as an Investment Adviser or Research Analyst does not itself prove that PaRRVA enrolment is mandatory. The relevant question is whether the entity wants to communicate certified past-performance data.
For a full explanation of the verification system, CARE Ratings’ role, NSE’s role and investor safeguards, see our SEBI PaRRVA explainer.
What happens if an IA or RA misses the SEBI PaRRVA deadline?
The October 2025 and April 2026 circulars state that an IA or RA that wants to communicate certified past performance must enrol within the prescribed period.
If it does not enrol, it will not be able to continue communicating certified past-performance data after the applicable enrolment period.
The circulars reviewed do not say that missing the PaRRVA deadline automatically:
- cancels the entity’s SEBI registration;
- forces the advisory or research business to close;
- prohibits every form of client communication;
- creates an automatic fixed monetary penalty;
- prevents the entity from giving ordinary advice or research within its registration.
However, making prohibited return or performance claims can expose the regulated person to SEBI enforcement action, including summary proceedings under the applicable intermediary framework.
Practical consequence: An IA or RA that misses the deadline should not continue presenting certified historical performance as though enrolment were complete.
Can advisers still share performance from before PaRRVA?
Yes, but only through a narrow interim arrangement.
For performance relating to the period before PaRRVA became operational, the October 30, 2025 circular permits communication only when all relevant conditions are met.
Client must specifically request it
The IA or RA cannot push the historical performance automatically to everyone.
Certification is required
The data must be certified by a member of ICAI or ICMAI.
Communication must be one-to-one
The historical performance may be provided to the requesting client or prospective client individually.
Public display is prohibited
The data cannot be published on the IA or RA website, public media or another public channel under the interim arrangement.
Mandatory disclaimer must accompany it
The communication must explain that the data is not PaRRVA-verified, may not be comparable across entities and does not guarantee future results.
This is a temporary accommodation for the pre-PaRRVA period. It is not a general permission to publicly advertise accountant-certified historical returns.
What about performance after PaRRVA became operational?
PaRRVA began regular operations on May 4, 2026.
Performance relating to the period after operationalisation may be advertised or provided to clients only through risk-and-return metrics verified by PaRRVA and presented in the manner permitted by SEBI.
This means an IA or RA cannot use the older ICAI or ICMAI certification route for post-operationalisation performance.
September 3, 2026 and May 3, 2028 are different deadlines
September 3, 2026
This is the current PaRRVA enrolment deadline for IAs and RAs that want to communicate certified past-performance data.
May 3, 2028
This is the last date through which permitted certified pre-PaRRVA performance may be communicated under the transitional framework.
After May 3, 2028, IAs and RAs may communicate or display only PaRRVA-verified risk-and-return metrics. They may no longer use performance from the period before PaRRVA operationalisation in client communications.
Do not confuse the two dates. September 3 concerns enrolment. May 3, 2028 concerns the end of the transitional use of pre-PaRRVA performance data.
Can pre-PaRRVA performance be displayed on a website?
Not under the October 2025 interim arrangement.
The interim framework allows such data only:
- after a specific client request;
- on a one-to-one basis;
- with ICAI or ICMAI member certification;
- with the prescribed disclaimer.
It expressly prevents making the data available to the general public through the IA or RA website, public media or another public mode.
What does PaRRVA enrolment permit?
Enrolment allows eligible regulated persons to participate in the PaRRVA verification framework and use verified risk-and-return metrics in the manner specified by SEBI.
It does not allow:
- guaranteed-return claims;
- selective display of only successful outcomes;
- arbitrary favourable periods;
- client-specific return claims;
- claims that imply SEBI approval of the adviser’s recommendations;
- use of verified metrics without required disclaimers and context.
What should Investment Advisers and Research Analysts do now?
- Decide whether the firm intends to communicate certified past-performance data.
- Do not assume that SEBI registration automatically completes PaRRVA enrolment.
- Complete enrolment before the current deadline where the framework applies.
- Separate pre-PaRRVA performance from performance generated after May 4, 2026.
- Do not publish pre-PaRRVA accountant-certified performance on a public website.
- Use the required disclaimer for permitted one-to-one historical disclosures.
- Prepare advice, recommendation and supporting data for the PaRRVA-PDC verification system.
- Remove unsupported, selective or unverifiable return claims from public communications.
- Keep documentary evidence of enrolment, verification references and client requests.
What should clients and investors check?
An investor receiving a past-performance claim should ask:
- Is this pre-PaRRVA historical data or PaRRVA-verified data?
- Was the older data supplied only after a specific request?
- Does the communication contain the required disclaimer?
- Is there a PaRRVA verification link or reference?
- Does the claim show both positive and negative outcomes?
- Has the adviser selected only one successful period or portfolio?
- Is the claim being presented as a future-return guarantee?
PaRRVA verification confirms historical risk-and-return metrics under the framework. It does not guarantee that the same result will occur again.
SEBI PaRRVA timeline
April 4, 2025
SEBI established the PaRRVA recognition and operational framework.
October 30, 2025
SEBI created the interim arrangement for certified pre-PaRRVA performance.
April 29, 2026
CARE Ratings was identified as PaRRVA, NSE as PDC, regular operation was set from May 4 and the enrolment deadline was fixed as August 3.
August 3, 2026
SEBI extended the enrolment deadline to September 3, 2026.
May 3, 2028
The transitional permission to communicate permitted certified pre-PaRRVA performance ends.
Frequently asked questions
What is the current SEBI PaRRVA deadline?
The current enrolment deadline is September 3, 2026.
Was the deadline extended?
Yes. SEBI extended it from August 3 to September 3, 2026.
Must every registered Investment Adviser enrol?
The circular ties enrolment to IAs and RAs that want to communicate certified past-performance data. It does not establish universal enrolment solely because an entity is SEBI-registered.
Does missing the deadline cancel SEBI registration?
The reviewed circulars do not say that PaRRVA non-enrolment automatically cancels SEBI registration. The stated consequence concerns the ability to communicate certified past-performance data.
Can an adviser display accountant-certified old returns on a public website?
No, not under the October 2025 interim arrangement. That data may be communicated only on specific request, one-to-one, with certification and the prescribed disclaimer.
What is the May 3, 2028 date?
It is the final day for using permitted certified pre-PaRRVA performance under the transition. After that, only PaRRVA-verified metrics may be communicated or displayed.
Does PaRRVA verification guarantee future returns?
No. Historical verified metrics are not a guarantee of future results or assured returns.
Can a non-enrolled adviser continue giving advice?
The circular does not state that non-enrolment ends the advisory business. It restricts communication of certified past-performance data where enrolment is required.
Official sources
Verification notes to readers
ThePulseSignal reviewed the SEBI circulars dated April 4, 2025, October 30, 2025, April 29, 2026 and August 3, 2026.
The current deadline and affected group were taken from the August extension circular. The interim one-to-one rules, public-display restriction, mandatory disclaimer and enforcement warning were taken from the October 2025 circular. The May 4 operationalisation date, original August deadline and May 3, 2028 transition cut-off were taken from the April 29 operationalisation circular.
Article last verified: August 4, 2026.
Limitations and unresolved facts
- The exact enrolment workflow, fees and onboarding interface were not independently tested.
- The article does not state that all registered IAs or RAs must enrol.
- The extension circular does not provide a fixed monetary penalty for missing the deadline.
- The September 3 extension was framed specifically for IAs and RAs communicating certified past performance; identical treatment for every algo provider was not assumed.
- Future SEBI circulars may change the deadline, onboarding process or transition rules.