The Securities and Exchange Board of India has operationalised the Past Risk and Return Verification Agency framework by recognising Care Ratings Limited as PaRRVA, with National Stock Exchange India Limited acting as the PaRRVA Data Centre. Following completion of the pilot phase, PaRRVA services will begin regular operations on May 04, 2026, and the recognition will remain valid unless revoked or suspended by SEBI. The circular also sets transition deadlines for investment advisers and research analysts and revises the composition requirements for the PaRRVA oversight committee. Investment advisers and research analysts that wish to communicate certified past performance data to clients, including prospective clients, must enroll with PaRRVA by August 03, 2026. If they do not, they will no longer be able to communicate certified past performance data after that point. Such data may be used only until May 03, 2028. After that, firms may communicate or display only PaRRVA verified risk and return metrics and may not use performance data relating to the period before PaRRVA became operational. SEBI also amended the oversight committee rules after representations on difficulties in constituting the committee. The committee may include representatives of PaRRVA, the data centre, intermediaries or regulated persons, and a SEBI recognised investor association, with an eminent individual having substantial regulatory experience as chairperson. It must have at least five members, include representatives from at least two intermediaries or regulated persons, and maintain a majority of independent members over PaRRVA and data centre representatives. PaRRVA representatives must be at Executive Director or Senior Director level, while data centre representatives should preferably be at CXO or similar level. All other provisions of the April 4, 2025 circular remain unchanged.

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