SEBI PaRRVA Operational from 4 May 2026: CARE Ratings Named
Why in the news
Following a SEBI circular issued in late April 2026, the Past Risk and Return Verification Agency (PaRRVA) framework becomes operational on 4 May 2026. It is meant to stop unverified performance claims in the securities market.
Key facts
- Full form: Past Risk and Return Verification Agency (PaRRVA).
- Agency: CARE Ratings Limited is the recognised PaRRVA.
- Data centre: National Stock Exchange of India (NSE) acts as the PaRRVA Data Centre.
- Who enrols: investment advisers and research analysts that wish to share past performance with clients.
| Item | Date |
|---|---|
| Operational from | 4 May 2026 |
| Enrolment deadline | 3 August 2026 |
| Only verified data allowed after | 3 May 2028 |
About the framework
The system verifies claims on past risk and return linked to investment advisory, research services and algorithmic trading offerings. The goal is standardised, reliable data so that investors are not misled by selective performance numbers.
Exam angle
- Expansion of PaRRVA is a likely one-liner.
- Pair the agency (CARE Ratings) with the data centre (NSE).
- The three-month enrolment window ends 3 August 2026.