Sebi is urging investment advisors and research analysts to rely less on past performance, according to Sandeep Parekh, managing partner at Finsec Law Advisors. Parekh believes this move is an attempt to regulate the thousands of unregistered analysts who offer investment tips online. Parekh urged the industry to establish an external benchmark to validate advisors’ performance, to prove the abilities of legitimate parties and show the invalidity of services offered by unregistered individuals.