New Delhi, April 10 -- Unregulated influencers have long flaunted fake screenshots of their trading accounts to trap gullible investors. However, the market regulator found that even regulated players, such as research analysts and investment advisors, have been making such unverified claims

To address the issue, the Securities and Exchange Board of India (Sebi) issued an advertisement code in 2023 that barred regulated players from exhibiting their performance. While the move curbed misleading promotions, it impacted those who had built a credible track record for many years.

Sebi, on 4 April, issued a circular formalising the plan to start a 'past risk and return verification agency' or PaRRVA that will validate the performance claims...