SEBI Activates PaRRVA Platform, Launch Scheduled for May 4

SEBI Operationalises PaRRVA, Aims to Enhance Investor Protection

The Securities and Exchange Board of India (SEBI) has taken a significant step towards enhancing investor protection by operationalising the Past Risk and Return Verification Agency (PaRRVA). As per the framework issued on April 4, 2025, the platform will go live from May 4, 2026, marking a major milestone in the development of the agency.

CARE Ratings Limited has been recognised as the agency responsible for verifying performance claims, while the National Stock Exchange of India Limited (NSE) will act as the PaRRVA Data Centre (PDC). The platform underwent a pilot phase, which was launched on December 8, 2025, and has now been successfully completed.

PaRRVA will play a vital role in verifying the performance of investment advisers, research services, and algorithmic trading providers. These entities will be able to use the verified data in advertisements, as per regulations, providing investors with a transparent and reliable means of evaluating their performance. SEBI has stated that the move will enable entities to showcase verified performance and give investors access to such data, promoting a culture of transparency and accountability in the capital markets.

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The operationalisation of PaRRVA is a significant step towards achieving the goal of establishing an independent mechanism to validate unverified performance claims, as envisioned by SEBI Chairman, Tuhin Kanta Pandey, during the pilot project launch of the platform. With PaRRVA going live, investors can expect to have access to reliable and verified data, enabling them to make informed decisions and promoting investor protection.

Note: The table above highlights the entities that will have access to verified performance data through PaRRVA.