“Who is the best performing Research Analyst in India?”

It is an understandable question. Before subscribing to any research service, investors/traders naturally want to know how an analyst has performed in the past and whether their recommendations have delivered results.

However, the answer is not always as straightforward as it may appear.

For the last few years, investors and research professionals have faced a unique challenge. Investors wanted performance data, while the industry was restricted to do so by regulations since 2023.

Fortunately, things are now beginning to change.

Even in past years we have faced question… 

“Can you show your past performance?”

It is a fair and natural question. Before choosing any Research Analyst, investors understandably want to evaluate past performance, understand the research approach, and compare available options. However, over the last few years, the industry has operated under certain restrictions regarding performance presented and communicated.

Things Are Changing — For the Better

The Indian research industry is gradually moving towards greater transparency and standardization.

In the past, Comparing one research analyst on performance grounds with another was often challenging because there was no common framework for measurement.

Recent developments such as the PaRRVA framework represent an important step towards addressing this issue.

The objective is simple: provide investors with a more structured, standardized, and transparent mechanism to evaluate performance-related information across registered intermediaries.

This is good news for both investors and genuine research professionals.

Investors gain greater clarity, while research analysts get an opportunity to be evaluated through a more uniform system rather than through marketing claims alone.

This performance will be open for all to bse seen on PaRRVA website: https://careparrva.com/

## What Is PaRRVA?

PaRRVA stands for Past Risk and Return Verification Agency.

PaRRVA (Past Risk and Return Verification Agency) has been operationalised by SEBI through a framework involving CARE Ratings as the recognised PaRRVA and the National Stock Exchange (NSE) acting as the PaRRVA Data Centre (PDC).

It has been introduced with the objective of bringing greater transparency and standardization to the manner in which performance-related information is verified and presented within the securities market ecosystem.

The broader goal is to help investors access more reliable and standardized information while reducing dependence on self-declared performance claims that may be difficult to independently verify.

As the framework evolves, it has the potential to improve investor awareness, facilitate meaningful comparisons, and enhance confidence in the overall research and advisory ecosystem.

For the latest information, investors may refer to the official resources made available by market regulators and recognized institutions involved in the implementation of the PaRRVA framework.

PaRRVA Is A Positive Step, But It Still Has Limitations

While PaRRVA is a welcome development, it is important to understand that the framework is still evolving.

Stock market recommendations are often more complex than a single performance number. Things under consideration yet which limits our usage to it for timebeing.

For example:

• Multiple targets option not available.
• Stop-loss levels revise, option not available yet.
• Recommendations to book partially, option not available yet.

Many of such practical aspects are still missing.

As the framework continues to develop, we expect investors to gain access to increasingly comprehensive and meaningful information. Greater transparency ultimately benefits everyone involved in the investment ecosystem.

## What About Long-Term Recommendations Made Before PaRRVA?

One practical concern that many investors and Research Analysts that are old in the industry may have relates to long-term recommendations issued before the introduction of the PaRRVA framework.

For example, at ABJ Finstocks, long-term investment ideas and wealth-creation-oriented recommendations have been provided since 2016. In many cases, the true potential of a long-term investment may take several years to unfold. Some investments may require three, five, or even more years before their outcomes can be properly evaluated.

Since PaRRVA is designed to capture and verify recommendations going forward, investors may naturally wonder how historical long-term recommendations and their eventual outcomes will be viewed within the evolving framework.

As the industry continues to adapt to standardized performance reporting, it will be interesting to see how such practical challenges are addressed in the future. Greater clarity on long-term recommendation tracking could further strengthen transparency for both investors and registered intermediaries.

Why We Are Writing This Article

The reason for writing this article is straightforward.

We regularly receive inquiries from investors/traders asking us to showcase historical performance data and compare ourselves with other market participants.

We completely understand these questions because investors deserve transparency and clarity before making decisions.

At the same time, registered intermediaries must operate within the applicable regulatory framework and follow the prescribed guidelines regarding performance presentation and communication.

Therefore, we request investors to bear with the industry for some more time as these systems mature and become more comprehensive.

We genuinely believe the future will be better than the past.

The industry is moving away from unverifiable claims and towards greater transparency, standardization, and investor protection. This transition may take some time, but it is ultimately a positive development for everyone.

The Real Question Investors Should Ask

Instead of asking only:

“Who is the best performing Research Analyst in India?”

Investors should also ask:

• Is the analyst registered?
• What is their research philosophy?
• How long have they been active in the market?
• Do they follow a disciplined process?
• Are they transparent in their communication?
• Do they focus on risk management along with returns?

Performance matters, but sustainable investing success is built on much more than a single number.

As transparency standards continue to improve, investors will have better tools to evaluate research professionals and make informed decisions based on verified information rather than marketing claims alone.