Why we don’t publish a win rate — and what to ask a firm that does

The rule, in plain language

Under SEBI’s framework effective 30 October 2025, a Research Analyst may share past performance only on a client’s specific written request — not on a public website, advertisement or social post. When shared, it must be in a standardised format, certified by a member of the ICAI or ICMAI, and is subject to PaRRVA (Past Risk and Return Verification Agency) verification.

In other words, a compliant Research Analyst cannot put an accuracy percentage on a landing page — even if it were true — because public display of past performance is not permitted. Our performance page handles this the compliant way, and you can request the record in writing.

So what does a public accuracy figure tell you?

When you see a research provider advertising a headline accuracy or win-rate number, the useful response is not to trust it or to dismiss it — it is to ask how it fits the current rules. A figure on public display sits outside the written-request, CA-certified, PaRRVA-verified path the regulator has defined. That does not, by itself, tell you anything about that firm — it simply tells you a question is worth asking.

Separately, a win rate on its own is a weak measure of a research process. A method can be “right” often with tiny gains and occasional large losses, or “wrong” often while still managing risk well. Risk-reward and discipline matter more than a raw hit-rate — which is another reason a single percentage can mislead.

Questions to ask any research provider

A short checklist you can apply yourself, to any firm:

1. What is your SEBI registration number (an INH… number for a Research Analyst), and is it active? Verify it independently.
2. If you display an accuracy or win-rate figure publicly, how does that square with the 30 October 2025 rule that performance may be shared only on written request, in a CA-certified standardised format?
3. Does every recommendation come with an entry, a target, a stop-loss and the reasoning — or just “buy now” tips?
4. Is there a defined fee within the SEBI cap (₹1,51,000 per family per financial year), a pro-rata refund, and a written grievance path (SCORES, SMART ODR)?
5. Will you provide a CA-certified performance record on written request, in the SEBI format?

Frequently asked questions