SEBI Chairman Shri Tuhin Kanta Pandey inaugurates
PaRRVA pilot launch, a standard framework for investment performance
verification by CareEdge Ratings in collaboration with NSE
SEBI Chairman Shri Tuhin Kanta Pandey
Mumbai, December 8, 2025: CARE Ratings Limited, in
collaboration with the National Stock Exchange of India Limited (NSE), today
announced the pilot launch of Past Risk and Return Verification Agency
(PaRRVA), a first-of-its-kind global initiative conceptualised by SEBI.
The pilot was inaugurated by SEBI Chairman Shri Tuhin Kanta Pandey today. This
unique framework validates risk-return metrics for Investment Advisors,
Research Analysts, and Trading Members, thereby ensuring greater credibility,
compliance, and investor trust.
As India’s investor base continues to grow, PaRRVA
is well-positioned to become a key enabler of transparent communication of
performance verification in the securities market. By subjecting every
performance claim to independent verification, this unique framework helps
investors make more informed decisions and builds greater trust across the
entire investment ecosystem.
PaRRVA is designed to bring transparency and
standardisation to performance claims made by financial intermediaries. It
ensures that all risk-return metrics presented to investors are independently
verified and compliant with the verification methodologies developed in line
with recommendations from Industry participants.
Intermediaries can submit their recommendations
through secure API-based integration or file uploads, following which PaRRVA –
PDC conducts a comprehensive validation and generates risk and return metrics.
Close to 50 different risk and return matrices are computed based on
transaction data directly sourced from the stock exchanges and clearing
corporations, which will be disseminated to investors via the PaRRVA platform.
Investors can also view the reports by scanning QR code or using a link
directing investors to the official PaRRVA portal.
Shri Tuhin Kanta Pandey, Chairman, Securities and
Exchange Board of India (SEBI), addressing the event mentioned that for
investors, PaRRVA gives clarity and confidence. PaRRVA, in due course, will
provide investors with credible performance data related to investment services
offered to them. For regulated entities, PaRRVA will provide a platform to
showcase genuine performance to clients.
Investor transparency is the cornerstone of sustainable market development. PaRRVA reaffirms SEBI’s unwavering commitment to keep India’s securities markets fair, transparent, orderly and resilient.
Sharing his view on the PaRRVA launch, Shri
Ashishkumar Chauhan, MD & CEO, National Stock Exchange (NSE) said,
“PaRRVA is an important SEBI-led step towards strengthening transparency,
standardisation and investor confidence in performance-related disclosures. NSE
is pleased to support this initiative by providing the PaRRVA Data Centre
(PDC), enabling the framework to leverage authenticated market data for robust
risk and return verification. We believe this will enhance trust in the
ecosystem and help investors make more informed decisions.”
Speaking at the event, Shri Mehul Pandya, MD
& Group CEO, CARE Ratings Limited said, “PaRRVA brings a new level of
trust, discipline and transparency to the financial advisory space. Investors
today demand credibility, and PaRRVA’s independent validation framework ensures
they receive accurate, standardised and unbiased performance information. This
initiative reinforces our commitment to strengthening market integrity and
empowering investors with reliable data.”
PaRRVA strengthens compliance by preventing
selective presentation of returns, avoiding client-specific claims and ensuring
that every metric is backed by the required disclosures. The platform’s secure
data architecture, along with T+1 validation for portfolios and end-of-day
checks for intraday strategies, helps maintain both accuracy and speed.
The platform is now live and accessible at www.careparrva.com
