The initiative was conceptualised by the Securities and Exchange Board of India, with its pilot phase launched in December 2025 by Sebi Chairman Tuhin Kanta Pandey. PaRRVA is designed to independently validate risk and return metrics reported by investment advisors, research analysts and trading members. The platform seeks to standardise how performance data is presented to investors, at a time when participation in India’s capital markets continues to expand.
Under the framework, intermediaries can submit transaction data through API integrations or file uploads. This data is processed at the PaRRVA Data Centre, supported by NSE, where risk and return metrics are generated. Around 50 different parameters are computed using transaction-level data sourced directly from stock exchanges and clearing corporations. The verified outputs are then made accessible to investors via the PaRRVA platform, either through QR codes or direct links.
The system is structured to address concerns around selective presentation of returns and client-specific disclosures. It requires that all reported metrics adhere to defined verification methodologies developed in consultation with industry participants. The platform also incorporates safeguards such as T+1 portfolio validation and end-of-day checks for intraday strategies to ensure accuracy and timeliness.
NSE Managing Director and CEO Ashish Chauhan said the initiative is intended to provide investors with credible performance data while allowing regulated entities to present verified track records.
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Mehul Pandya, Managing Director and Group CEO of CareEdge, said the framework is aimed at improving transparency, comparability and discipline in the financial advisory ecosystem by enabling standardised and independently validated disclosures.
“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, CARE Ratings said in a press release statement. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)