The Securities and Exchange Board of India (SEBI) has operationalised the Past Risk and Return Verification Agency (PaRRVA), aimed at enhancing transparency and investor protection in the financial markets.

CARE Ratings Limited has been granted recognition as the PaRRVA, while the National Stock Exchange of India Limited (NSE) will function as the PaRRVA Data Centre (PDC), as per the framework issued by SEBI on April 4, 2025.

The pilot phase of PaRRVA was launched in December last year. Following its successful completion, the agency will begin regular operations from May 4, 2026. PaRRVA will enable regulated entities such as investment advisers, research analysts, and algorithmic trading service providers to showcase their verified performance. This will also allow investors to access reliable and authenticated performance data, improving informed decision-making. Additionally, regulated entities will be permitted to use PaRRVA-verified performance in their advertisements, in line with SEBI’s regulatory provisions.