What exact disclaimer must accompany any past performance data I share?
In force
SEBI has prescribed the exact wording you must attach every single time you share certified past performance data under the interim arrangement — this is not optional boilerplate you can paraphrase; use it verbatim.
This applies in addition to your usual MITC and 'no assurance of returns' disclosures — it's specific to performance-data communications.
What SEBI says, word for word
Mandatory Disclaimer — verbatim text“The performance data presented herein are not verified by Past Risk and Return Verification Agency (PaRRVA) or any other agency recognized by SEBI for this purpose. 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 risk. Registration with SEBI or enlistment with IAASB or RAASB (as the case may be) is not a guarantee or assurance of future returns.”Source: SEBI Circular HO/38/12/11(1)2025-MIRSD-POD/I/73/2025, dated October 30, 2025, Clause 3(e) Open document ↗