SEBI Operationalises ‘PaRRVA Framework’ For Transparency & Investor Protection
In April 2026, the market regulator Securities and Exchange Board of India (SEBI) operationalised the ‘Past Risk and Return Verification Agency (PaRRVA) framework’ to enhance transparency in performance claims made by market intermediaries.
About PaRRVA:
Regulatory Recognition: CARE Ratings Limited has been granted recognition as the PaRRVA, while National Stock Exchange of India Limited (NSE) will function as the PaRRVA Data Centre (PDC), in line with the regulatory framework issued on April 4, 2025.
Pilot Phase: Pilot phase of PaRRVA was launched on December 8, 2025.
In April 2026, the market regulator Securities and Exchange Board of India (SEBI) operationalised the ‘Past Risk and Return Verification Agency (PaRRVA) framework’ to enhance transparency in performance claims made by market intermediaries.
About PaRRVA:
Regulatory Recognition: CARE Ratings Limited has been granted recognition as the PaRRVA, while National Stock Exchange of India Limited (NSE) will function as the PaRRVA Data Centre (PDC), in line with the regulatory framework issued on April 4, 2025.
Pilot Phase: Pilot phase of PaRRVA was launched on December 8, 2025.
- Post completion of the pilot phase, PaRRVA will begin providing its services on a regular basis from May 4, 2026.
Objective: PaRRVA is India’s first to independently validate performance claims made by regulated intermediaries and unregistered finfluencers.
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