CARE Ratings in collaboration with the National Stock Exchange of India (NSE), today announced the commercial launch of Past Risk and Return Verification Agency (PaRRVA), a first-of-its-kind global initiative conceptualised by SEBI. In December 2025, SEBI Chairman Tuhin Kanta Pandey launched the pilot project.

As India's investor base continues to grow, PaRRVA is well-positioned to become a key enabler of transparent communication of performance verification in the securities market. This unique framework validates risk-return metrics for Investment Advisors, Research Analysts, and Trading Members, thereby ensuring greater credibility, compliance, and investor trust.

PaRRVA is designed to bring transparency and standardisation to performance claims made by financial intermediaries. It ensures that all risk-return metrics presented to investors are independently verified and compliant with the verification methodologies developed in line with recommendations from Industry participants.

Intermediaries can submit their recommendations through secure API-based integration or file uploads, following which PaRRVA – PDC conducts a comprehensive validation and generates risk and return metrics. Close to 50 different risk and return matrices are computed from transaction data directly sourced from stock exchanges and clearing corporations and will be disseminated to investors via the PaRRVA platform. Investors can also view the reports by scanning the QR code or by using a link that directs them to the official PaRRVA portal.