Quick Summary
A research analyst is allowed to show you their past performance, but only if they follow strict rules. The numbers must be certified by a qualified accountant, shared privately when you ask, never posted publicly, and clearly marked if they are not yet checked by SEBI’s verification agency. So if the track record that won you over was just a public screenshot with no proof behind it, that was not allowed. This page explains what a real performance claim looks like, and what you can do if you were shown a fake one.
You probably did not invest because of a random tip.
You invested because the analyst showed a track record that looked convincing, past calls that seemed accurate, returns that looked impressive, and confidence that felt earned.
Then the trade went wrong, and one question started nagging: if they were right so many times before, how did this happen?
Here is the question worth asking next: was what they showed you even allowed?
Often, it was not, and that changes everything about what you can do now.
Can a Research Analyst Show Past Performance or Not?
The honest answer is more useful than a flat yes or no.
Yes, a research analyst can show past performance, but only if they follow strict conditions.
Miss any one of them, and the performance claim stops being disclosure and becomes marketing bait.
SEBI lays out exactly how a genuine performance record must be shared.
Before you judge what you were shown, it helps to see the four conditions, because your claim almost certainly failed at least one of them.
- Certified by a professional: The data must be certified by a practising member of ICAI or ICMAI. No self-made spreadsheets, no unchecked numbers the analyst typed up themselves.
- Shared only on request: It can be given only when you, as a client or prospective client, specifically ask for it, not pushed at you unprompted.
- Private, not public: It must be shared one-to-one. Not as public ads, not on social media, not on YouTube thumbnails, not on website banners.
- Carried with a disclaimer if unverified: If the data is not yet verified, it must come with SEBI’s prescribed disclaimer, stating plainly that the performance is not yet verified by PaRRVA.
A quick word on that last one, because it is the key to this whole page.
PaRRVA, the Past Risk and Return Verification Agency, is SEBI’s official system for independently verifying the performance claims of research analysts and advisers.
It exists so you can rely on checked numbers instead of trusting figures that might be incomplete, exaggerated, or invented.
So if what you saw had no ICAI certification, was posted publicly on social media, and carried no PaRRVA disclaimer, that was not transparent disclosure.
That was a violation you can complain about.
When Does Showing Past Performance Cross Into Misleading You?
Past performance becomes a problem the moment it turns from honest disclosure into a sales weapon.
The conditions above exist precisely because a track record is so easy to bend.
Here are the practices that cross the line:
- Only the wins are shown. The analyst promotes winning trades over and over while quietly deleting the losing calls.
- Screenshots with no context. Profit screenshots appear with no mention of the losses, the risks, or the market conditions behind them.
- Past accuracy sold as a promise. A strong record is framed to imply future profits are almost certain, which edges into the territory we cover on whether a research analyst guarantee returns.
- Fake proof. Edited account statements and invented client testimonials are circulated to pull subscribers in.
- Pressure to join fast. You are rushed into a paid plan right after being shown a selective performance record.
The real damage here is psychological. Once you believe profits are “almost certain,” it becomes very hard to think clearly about the risk you are actually taking.
Cherry-picking wins is one of the main ways analysts mislead investors, which we break down in full in our guide: how research analysts in India mislead investors.
A genuine analyst talks about the losing calls as openly as the winning ones.
When someone only ever shows you profit, treat it as a reason for caution, not comfort.
Shown a track record that wasn’t what it seemed?
As specialists in share market fraud recovery, we will test what you were shown against SEBI’s disclosure rules, build the evidence, and file the complaint through to arbitration.
Why Past Performance Should Never Be Your Only Reason to Trust
Even a real, properly certified track record is not a promise. The market does not repeat itself on schedule.
A strategy that shone in one market cycle can fail badly in the next. That is why leaning entirely on historical returns is risky, however genuine those returns are.
Keep a few things in mind before you let a track record decide for you.
Market conditions never stay the same.
Even skilled analysts take losing trades regularly. High past returns do not guarantee future ones.
Risk management matters more than a handful of profitable calls. And transparency is worth more than the flashiest screenshot.
The investors who avoid these traps do not chase profit claims.
They look for consistency, proper disclosures, honest communication, and a realistic account of risk.
What to Do If a Performance Claim Misled You?
If you believe an analyst pulled you in with false performance claims, fake screenshots, or unverified numbers, act sooner rather than later, because this evidence disappears quickly once you start asking questions.
Save what you were shown first: the profit screenshots, the ads, the WhatsApp and Telegram messages, your payment receipts, and any claim of guaranteed or fixed returns.
The performance record they used to sell you is itself the core evidence.
A registered analyst sits inside SEBI’s reach, so you have a real path to a claim.
Begin with a written complaint to the firm, and if that goes nowhere, move to the SEBI SCORES complaint process.
From there, it can escalate to the SMART ODR complaint portal and on to arbitration if needed.
If you are still unsure where to complain against a SEBI research analyst, our full guide walks you through every stage and what each one can recover.
Conclusion
A track record on its own tells you very little about whether an analyst’s calls were reliable or right for you.
Past results can add useful context, but they are never a promise of future profit. So look hard at how the numbers were shown to you. Were both the winning and losing calls disclosed?
Was the data certified and PaRRVA-compliant, or just a screenshot?
If a research analyst showed you past performance that was public, unverified, and stripped of its disclaimer, what happened to you was not bad luck.
It was a violation.
Frequently Asked Questions
Yes, but only within SEBI's rules: the data must be certified by an ICAI or ICMAI member, shared privately on request, and carry a PaRRVA disclaimer if unverified. Public, uncertified screenshots do not qualify.
No. Past performance never guarantees future results. Market conditions and risks shift constantly, and even an analyst with a strong record takes losing calls. Treat any "past accuracy means future profit" claim as a warning sign.
Showing only winners paints a false picture. A genuine record discloses the losing calls too. If you only ever saw profits, with the failures nowhere in sight, the performance was presented to mislead, not to inform.
PaRRVA is SEBI's Past Risk and Return Verification Agency, which independently checks the performance claims of analysts and advisers. It means you can rely on verified figures rather than numbers an analyst simply typed up themselves.
Save the screenshots, ads, and chats showing what you were promised, then raise it with the firm in writing. If it stays unresolved, file on SEBI SCORES, with SMART ODR and arbitration available after that.
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