What is PaRRVA and what are the current rules and deadlines for sharing certified past performance?

PaRRVA = Past Risk and Return Verification Agency. SEBI set this up as an independent verification layer so RAs/IAs can display performance data that has been checked for accuracy rather than self-reported and potentially cherry-picked.

Care Ratings Limited (CRL) is the recognised PaRRVA, with NSE as the PaRRVA Data Centre. After a pilot from December 8, 2025, full-scale service began May 4, 2026 — PaRRVA is live now.

Confirmed deadlines that apply to you right now:

• Enrolment deadline: September 3, 2026. The April 29, 2026 circular originally set August 3, 2026, but SEBI extended it by one month on August 3, 2026 after industry representations. Either way that date has now passed — if you did not enrol with PaRRVA by September 3, 2026, the interim route for communicating past performance is already closed to you.

• Uncertified pre-PaRRVA data usable only until May 3, 2028 — even if you enrolled in time, you can only keep using old, non-PaRRVA-verified performance data with clients up to this date. After that, only PaRRVA-verified metrics are usable in any client communication. The August 2026 extension circular changed only the enrolment date and left this cut-off untouched.

The interim route itself (while it applies) — certified by a member of ICAI/ICMAI — only ever permitted: sharing on the specific request of a client (never unprompted); one-to-one only, never on a website or public media; with the mandatory verbatim disclaimer attached every time.

Going forward, the real path to legitimately show performance publicly (including on your website) is to get your data verified by PaRRVA itself — not the old ICAI/ICMAI interim-certification route, which was always meant to be a stop-gap and is now time-limited by the dates above.