The Securities and Exchange Board of India (Sebi) has operationalised the Past Risk and Return Verification Agency (PaRRVA) framework, a move aimed at standardising how investment performance is reported and verified across the securities market.
In a circular issued on Wednesday, the regulator said Care Ratings has been recognised as the first PaRRVA, with NSE acting as the PaRRVA Data Centre (PDC). The platform will go live on May 4, following completion of its pilot phase.
Sebi has directed investment advisers (IAs) and research analysts (RAs) to enrol with PaRRVA by August 3 to continue sharing certified past performance with clients. After May 2028, only PaRRVA-verified risk and return metrics can be communicated; historical performance data from the pre-PaRRVA period will no longer be allowed in client communication.
The move aims to curb misleading claims and ensure uniformity in how performance data is presented to investors.
First Published: Apr 29 2026 | 9:36 PM IST