"based on"

[divineacclivity]

I learnt that "based on" modifies the subject of a sentence e.g. in the following sentence:
The teacher decided the grades based on students' performance on the test.

Would the following usage be also correct?
Based on your performance in the test, the grades would be decided by the panel.

thanks in advance

[RonPurewal]

Based on your performance in the test, the grades would be decided by the panel

while not strictly incorrect, this is a construction you're unlikely to see; you're more likely to see it as the grades, based on xxxxx, yyyyy (because that's more readable).