Need a CA Certificate for SEBI Research Analyst (RA) or Investment Adviser (IA)?
If you are a SEBI Registered Research Analyst (RA) or Investment Adviser (IA), you may now require a Chartered Accountant (CA) Certificate to verify your past performance data before sharing it with existing or prospective clients.
Following SEBI Circular No. HO/38/12/11(1)2025-MIRSD-POD/I/73/2025 dated 30 October 2025, Research Analysts and Investment Advisers are required to ensure that their disclosed performance is independently verified in accordance with the prescribed procedures until the PaRRVA framework becomes operational.
Whether you provide Equity Calls, F&O Recommendations, Intraday Calls, Positional Calls, Model Portfolios or Investment Advisory Services, proper verification has become an important part of regulatory compliance before performance data is shared with clients.
At Team IN Filing, our Chartered Accountants assist SEBI Registered entities across India in reviewing recommendation records, independently verifying performance calculations and issuing professionally documented CA Certificates with UDIN as required under the applicable SEBI framework.
Who Needs This CA Certificate?
This certification requirement is applicable to SEBI Registered Research Analysts (RA) and Investment Advisers (IA) who disclose or share their past performance with existing or prospective clients under the interim framework prescribed by SEBI.
If your business provides research recommendations, trading calls or investment advisory services, you should review whether this compliance applies to your activities before publishing or sharing any performance data.
This Certificate is commonly required for:
- ✔ SEBI Registered Research Analysts (RA)
- ✔ SEBI Registered Investment Advisers (IA)
- ✔ Equity Intraday Recommendation Providers
- ✔ Equity Delivery & Positional Recommendation Services
- ✔ F&O (Futures & Options) Advisory Services
- ✔ Model Portfolio Providers
- ✔ Stock Market Research Platforms
- ✔ Algorithmic Strategy Recommendation Providers
- ✔ Wealth Advisory Firms
- ✔ Financial Research & Investment Advisory Companies
Whether you operate as an individual Research Analyst, a Private Limited Company, an LLP or any other SEBI-registered entity, obtaining an independently verified CA Certificate helps demonstrate compliance with the latest regulatory requirements before performance data is disclosed.
Why Did SEBI Introduce This Requirement?
For many years, Research Analysts and Investment Advisers have disclosed their past performance to existing and prospective clients. However, there was no uniform method to independently verify whether the published performance figures were calculated consistently and supported by proper records.
To improve transparency, investor confidence and consistency, SEBI introduced an interim framework requiring the past performance of Research Analysts and Investment Advisers to be verified by an independent professional until the proposed PaRRVA (Past Risk and Return Verification Agency) framework becomes operational.
The objective is not to create an additional compliance burden. Rather, it is to ensure that the performance disclosed to investors is supported by proper documentation and calculated using a consistent methodology.
SEBI’s Objective
- ✔ Improve transparency in performance reporting.
- ✔ Build greater confidence among investors.
- ✔ Encourage uniform performance calculation methods.
- ✔ Reduce selective or misleading performance disclosures.
- ✔ Ensure independent verification before performance is shared with clients.
- ✔ Provide a transition framework until PaRRVA becomes operational.
For Research Analysts and Investment Advisers, this means that maintaining accurate recommendation logs, portfolio records and performance calculations has become more important than ever. A properly verified CA Certificate helps demonstrate that the disclosed performance has been independently checked based on the available records and agreed verification procedures.
When Is the CA Certificate Required?
The requirement generally arises whenever a Research Analyst (RA) or Investment Adviser (IA) intends to disclose or share past performance with existing or prospective clients under the framework prescribed by SEBI.
Depending upon your business model and regulatory requirements, the certificate may be required periodically or before releasing updated performance statements.
Common Situations Where the Certificate May Be Required
- ✔ Quarterly Past Performance Reporting.
- ✔ Launch of a New Advisory Product.
- ✔ Introduction of a New Model Portfolio.
- ✔ Equity Recommendation Services.
- ✔ Futures & Options (F&O) Recommendation Services.
- ✔ Performance Disclosure to Existing Clients.
- ✔ Performance Sharing with Prospective Clients upon Request.
- ✔ Internal Compliance and Regulatory Documentation.
Since every Research Analyst or Investment Adviser may offer different categories of services, the scope of verification also varies. Therefore, before issuing the certificate, we first understand the nature of your services, the reporting period and the performance methodology adopted by your organisation.
What Does the Chartered Accountant Verify?
The CA Certificate is not merely a signature on your performance report. Before issuing the certificate, an independent verification is carried out based on the records maintained by the Research Analyst or Investment Adviser and the agreed-upon procedures prescribed under the SEBI Circular.
The objective is to ensure that the disclosed performance is supported by documentary evidence, calculated consistently and presented in accordance with the prescribed methodology.
Our Verification Covers
- ✔ Research recommendation logs
- ✔ Date & time of recommendation
- ✔ Entry price or entry range
- ✔ Target price(s) and Stop Loss
- ✔ Exit price and closure details
- ✔ Open, Target Hit, Stop Loss & Cancelled calls
- ✔ Recommendation dissemination records
- ✔ Exchange price verification
- ✔ Win Ratio & Success Ratio
- ✔ Average Return per Recommendation
- ✔ Performance calculation methodology
- ✔ Model Portfolio returns (where applicable)
- ✔ Benchmark comparison
- ✔ Consistency of calculations throughout the reporting period
Where required, we independently recompute the performance based on the records provided and compare the results with the figures disclosed in the performance statement. If any inconsistency is identified, the same is discussed with the Research Analyst before the certificate is issued.
Our CA Verification Process
At Team IN Filing, we follow a structured verification process to ensure the CA Certificate is issued after reviewing the relevant records and performance calculations as required under the applicable SEBI framework.
Step 1
Share Your Records
Provide your recommendation logs, performance statements, model portfolio details and supporting documents for the relevant reporting period.
Step 2
Compliance Review
Our Chartered Accountant reviews the documents, reporting period, methodology and completeness of the records submitted.
Step 3
Performance Verification
Recommendation records, dissemination details, exchange prices and performance calculations are independently verified.
Step 4
Discussion of Exceptions
If any differences or inconsistencies are identified, they are discussed with your compliance team before finalisation.
Step 5
Final Verification
Once all observations are resolved, the verification is completed in accordance with the agreed-upon procedures.
Step 6
CA Certificate with UDIN
The verified CA Certificate is issued with UDIN for your compliance records and regulatory submissions.
Professional Fees & Timeline
Every Research Analyst and Investment Adviser maintains different volumes of recommendations, model portfolios and reporting records. Therefore, the scope of verification varies from one assignment to another.
| Particulars | Details |
|---|---|
| Professional Fees | Starting from ₹5,000 (depending upon volume, reporting period and complexity) |
| Turnaround Time | Normally 2 to 4 Working Days after receipt of complete documents. |
| Mode of Service | 100% Online – PAN India. |
| Certificate | Issued by Chartered Accountant with UDIN. |
Need an urgent certificate? Please contact our team before sharing the records. We will review the scope and advise the earliest possible delivery timeline.
Why Choose Team IN Filing?
We understand that this certification is not just a document—it is a regulatory compliance requirement. Our approach is to help Research Analysts and Investment Advisers complete the verification process accurately, efficiently and within the prescribed timeline.
Our team has extensive experience in CA, Company Law, Regulatory Compliance and SEBI-related advisory services, enabling us to assist clients across India with confidence and professionalism.
Common Mistakes Found During Performance Verification
Many Research Analysts maintain excellent recommendation records. However, during our verification process, we often identify calculation errors, documentation gaps or reporting inconsistencies that can affect the accuracy of the disclosed past performance.
These issues are usually unintentional and arise because of different calculation methods, missing records or manual preparation of performance reports.
Identifying these issues before issuing the CA Certificate helps avoid inconsistencies in performance reporting and improves the overall quality of regulatory compliance.
Our Practical Experience
Recently, our team assisted a SEBI Registered Research Analyst based in Bengaluru in verifying a large volume of historical research recommendations before issuing the prescribed CA Certificate.
During the verification process, we identified differences in recommendation classification, return calculations and documentation of a few historical records. These observations were discussed with the compliance team, corrected and appropriately documented before the final certificate was issued.
This practical review helped the client maintain consistency in the disclosed performance and strengthened the supporting documentation for future regulatory and client verification requirements.
Our objective is not merely to issue a certificate but to help clients establish a well-documented compliance process that can withstand future regulatory scrutiny.
Serving Research Analysts Across India
Our CA verification and certification process is completely online. Whether you are located in Mumbai, Delhi, Bengaluru, Hyderabad, Chennai, Pune, Ahmedabad, Kolkata or any other city in India, the entire assignment can be completed without visiting our office.
Documents may be securely shared through email or cloud storage. Discussions can be conducted through Microsoft Teams, Google Meet, Zoom or telephone, making the process quick, efficient and convenient.
PAN India Professional Support
- ✔ Online Document Review
- ✔ Virtual Meetings
- ✔ CA Certificate with UDIN
- ✔ Quick Professional Assistance
- ✔ Secure Digital Documentation
- ✔ Support for Individual & Corporate Research Analysts
What’s Included in Our Professional Fees?
Our professional fees cover much more than issuing a certificate. Every assignment includes a structured verification process to ensure the certification is supported by appropriate review and documentation.
- ✔ Initial discussion and understanding of your business model
- ✔ Review of recommendation records and supporting documents
- ✔ Independent verification of performance calculations
- ✔ Review of disclosed methodology
- ✔ Discussion of observations, if any
- ✔ Final CA Certificate with UDIN
- ✔ Professional support throughout the assignment
Professional Fees: Starting from ₹5,000. Final fees depend upon the number of recommendations, reporting period, complexity of verification and overall scope of work.
Frequently Asked Questions (FAQs)
Who needs a CA Certificate under the latest SEBI Circular?
SEBI Registered Research Analysts (RA) and Investment Advisers (IA) who disclose past performance to clients under the prescribed framework.
Is the CA Certificate required every quarter?
Yes. As per the current interim SEBI framework, performance verification is generally required on a quarterly basis until the PaRRVA framework becomes operational.
Can any Chartered Accountant issue this certificate?
The certificate should be issued by a practicing Chartered Accountant after performing the agreed verification procedures and issuing the certificate with UDIN.
How much does the CA Certificate cost?
Our professional fees start from ₹5,000. The final fee depends upon the reporting period, number of recommendations, model portfolios and overall verification work involved.
How long does the verification take?
Normally, the certificate is issued within 2 to 4 working days after receiving complete records and documents.
Can the entire process be completed online?
Yes. We provide PAN India online services. Documents can be shared securely through email or cloud storage, and discussions can be conducted via Google Meet, Microsoft Teams or Zoom.
What documents are required?
Recommendation logs, performance statements, dissemination records, exchange price data, model portfolio details, benchmark information and other supporting documents relevant to the reporting period.
Do you issue the certificate with UDIN?
Yes. The certificate is issued by a practicing Chartered Accountant with UDIN after completion of the verification process.
Need a CA Certificate for SEBI Compliance?
Whether you are a Research Analyst (RA) or an Investment Adviser (IA), our Chartered Accountants can assist you with independent verification of past performance and issuance of the required CA Certificate.
- ✔ CA Certificate with UDIN
- ✔ Professional Fees from ₹5,000
- ✔ Delivery in 2–4 Working Days
- ✔ 100% Online – PAN India Service
- ✔ Support for Equity, F&O & Model Portfolios
📞 Call / WhatsApp: 7019827351
📧 Email: team@teamindia.co.in
Reviewed by CA Expert
Damodharaa R
Chartered Accountant | Company Secretary | Legal Advisor
With over 20 years of experience, Damodharaa R has advised businesses, Research Analysts, Investment Advisers and financial professionals on GST, Income Tax, Company Law, SEBI Compliance and Regulatory Advisory.
Last Updated: July 2026
Disclaimer
This article is intended for general guidance based on the SEBI Circular and the regulatory framework available as on the date of publication. The applicability of the certification requirements may vary depending on the nature of services, reporting period and specific facts of each Research Analyst or Investment Adviser. Professional advice should be obtained before taking any compliance decision.
