SEBI, vide circular, has operationalised the Past Risk and Return Verification Agency (PaRRVA) framework by granting recognition to Care Ratings Limited as PaRRVA, with NSE acting as the data centre, and commencing operations from May 4, 2026. Investment Advisers (IAs) and Research Analysts (RAs) intending to communicate certified past performance must enrol with PaRRVA by August 3, 2026,
failing which such communication will not be permitted thereafter; further, use of pre-PaRRVA performance data will be allowed only until May 3, 2028. The circular also revises the composition of the oversight committee to ensure broader representation and independence, while all other provisions of the earlier circular dated April 4, 2025 remain applicable.
