SEBI-backed PaRRVA framework for investment performance goes live

CARE Ratings, in collaboration with the National Stock Exchange of India (NSE), on May 4, commercially launched PaRRVA, a framework designed to verify investment performance metrics in the securities market.The Past Risk and Return Verification Agency (PaRRVA) was conceptualised by the Securities and Exchange Board of India (SEBI) and aims to standardise and independently validate risk-return disclosures made by Investment Advisors, Research Analysts and Trading Members.

SEBI Chairman Tuhin Kanta Pandey had launched a pilot for the initiative in December 2025.
The framework processes transaction data sourced from stock exchanges and clearing corporations and computes nearly 50 risk and return metrics.ALSO READ | SEBI chief on market regulation: Why optimum balance is key

CARE Ratings said intermediaries can submit data through API-based integration or file uploads, after which the PaRRVA Data Centre validates the inputs and generates standardised performance outputs.Investors can access the verified data through the PaRRVA platform, including via QR codes and direct links to the official portal. The system also supports disclosures intended to prevent selective reporting of returns and restricts client-specific performance claims.

NSE Managing Director and CEO Ashish Chauhan said the platform is intended to strengthen transparency in performance reporting and allow regulated entities to present verified data based on authenticated market inputs.

CAREEdge Group CEO Mehul Pandya said the framework aims to provide standardised and unbiased performance information at a time when demand for comparable investment data is increasing.

According to the release, PaRRVA includes compliance checks, T+1 portfolio validation and end-of-day verification for intraday strategies to improve accuracy while maintaining processing speed.

The platform is now operational at www.careparrva.com.