To keep showing certified past performance to clients, you must enroll with PaRRVA by August 03, 2026. You can use that data only up to May 03, 2028.
SEBI has recognised Care Ratings Limited (CRL) as the Past Risk and Return Verification Agency (PaRRVA), with National Stock Exchange India Limited acting as the PaRRVA Data Centre. The circular is dated April 29, 2026. CRL has completed its pilot phase and begins providing services on a regular basis from May 04, 2026. The recognition stays valid until SEBI revokes or suspends it.
The main change for you is that two deadlines now have fixed dates. SEBI's circular of October 30, 2025 let you communicate certified past performance data from the period before PaRRVA started, as an interim arrangement. That circular tied its deadlines to the date PaRRVA became operational. You had to enroll within three months of that date, and two years after it you could show only PaRRVA verified risk and return metrics. Those periods are now converted into calendar dates.
If you want to communicate certified past performance data to clients, including prospective clients, you must enroll with PaRRVA by August 03, 2026. If you do not enroll by then, you will not be able to communicate certified past performance data to clients after that point.
You may communicate certified past performance data to clients, including prospective clients, only up to May 03, 2028. After that, you can communicate or display only PaRRVA verified risk and return metrics. You cannot use past performance data from the period before PaRRVA became operational in any communication to clients or prospective clients.
In practice, if your website, pitch material or client messages show certified past performance, put PaRRVA enrolment on your calendar before August 03, 2026. Plan to replace that material with PaRRVA verified metrics by May 03, 2028. The circular does not set out how to enroll, what it costs, or what format the verified metrics will take.
Oversight committee
The circular also revises the composition of the PaRRVA oversight committee and modifies paragraph 27 of SEBI's April 4, 2025 circular to that extent. The committee may include representatives of PaRRVA, the PaRRVA Data Centre, intermediaries or regulated persons, and a SEBI recognised investor association. An eminent individual with substantial regulatory experience chairs it. PaRRVA representatives must be at Executive Director or Senior Director level. Data Centre representatives should preferably be at CXO level. At least two intermediaries or regulated persons must be represented. The committee needs at least five members, and independent members must outnumber the PaRRVA and Data Centre representatives. The circular does not say which intermediaries will sit on it. This part needs no action from you.
The circular is in force. SEBI issued it under powers that include Regulation 33 of the Research Analysts Regulations, 2014. All other provisions of the April 4, 2025 circular continue to apply.
“IAs/RAs may communicate certified past performance data to clients (including prospective clients), only up to May 03, 2028.”
Operationalisation of Past Risk and Return Verification Agency (“PaRRVA”), paragraph 5.2
The document
Operationalisation of Past Risk and Return Verification Agency (“PaRRVA”) on sebi.gov.in.
This summary is prepared from the SEBI document linked above. Read the original before you act on it.