SEBI Launches PaRRVA for Verified Performance in Ads

Press Release No. 28/2026 dated 29.04.2026

The Securities and Exchange Board of India (SEBI) has made the Past Risk and Return Verification Agency (PaRRVA) fully operational from May 4, 2026, following the successful completion of its pilot phase.

1. Recognised Entities

• CARE Ratings Limited has been recognised as the PaRRVA agency
• National Stock Exchange of India Limited will act as the data centre

2. Scope of Verification

PaRRVA will verify the past performance data of:

• Investment Advisers
• Research Analysts
• Algo trading service providers

3. Use of Verified Performance

• Entities can use PaRRVA-verified performance data in:

1. 1. Advertisements
   2. Marketing materials

• Subject to compliance with SEBI’s advertising and disclosure norms

4. Objective of the Initiative

The framework aims to:

• Ensure credibility and accuracy of performance claims
• Prevent misleading advertisements
• Enhance investor trust and transparency

5. Regulatory Impact

• Standardises performance reporting practices
• Strengthens market integrity
• Promotes informed investment decisions

6. Conclusion

The operationalisation of PaRRVA marks a significant step towards verifiable and transparent performance disclosures, ensuring that investors rely on authentic and standardised data while evaluating financial service providers.

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