If you want to show clients certified past performance data, you now have until September 03, 2026 to enrol with PaRRVA, one month more than before.
SEBI has moved the deadline for Research Analysts to enrol with the Past Risk and Return Verification Agency (PaRRVA). The old deadline was August 03, 2026. The new deadline is September 03, 2026. The circular is dated August 03, 2026, the same day the old deadline fell.
The rule applies to you if you wish to communicate certified past performance data to clients, including prospective clients. To do that, you must enrol with PaRRVA. The same rule covers Investment Advisers.
The deadline has moved before. A circular dated October 30, 2025 gave Research Analysts three months from the date PaRRVA started operating to enrol. PaRRVA began operating on May 04, 2026. A circular dated April 29, 2026 then fixed the deadline at August 03, 2026. This circular replaces that date with September 03, 2026.
The October 2025 circular also set the consequence of missing the deadline. A Research Analyst who does not enrol in time will not be able to communicate certified past performance data to clients after the deadline. This circular changes only the date. It says nothing different about that consequence.
In practice, if you have not enrolled and you want to share certified past performance with clients or prospects, complete your PaRRVA enrolment by September 03, 2026. If you do not plan to communicate certified past performance data, this circular does not ask anything of you.
SEBI says it extended the timeline after representations from industry participants and from PaRRVA itself.
The circular is in force. It does not state a separate effective date. It does not cover how to enrol, what enrolment costs, or anything about Research Analysts who have already enrolled.
“However, SEBI has received representations from industry participants and PaRRVA requesting for an extension of aforesaid timeline for enrolment.”
Extension of timeline for enrolment with PaRRVA as specified in SEBI Circular No. HO/38/14/(4)2026-MIRSD-POD/I/10557/2026 dated April 29, 2026, paragraph 3
The document
Extension of timeline for enrolment with PaRRVA as specified in SEBI Circular No. HO/38/14/(4)2026-MIRSD-POD/I/10557/2026 dated April 29, 2026 on sebi.gov.in.
This summary is prepared from the SEBI document linked above. Read the original before you act on it.