PaRRVA Pilot Launch: A New Era of Transparency in India’s Investment Ecosystem
India’s financial markets are entering a new phase of accountability and transparency with the pilot launch of the Past Risk and Return Verification Agency (PaRRVA)—an initiative conceptualized by SEBI and jointly launched by CARE Ratings and the NSE.
Inaugurated by SEBI Chairman Tuhin Kanta Pandey, PaRRVA is designed to transform how performance data is reported, verified, and consumed by investors across the country.
Why PaRRVA Matters
For years, investors have grappled with inconsistent performance disclosures, selective data presentation, and unverified claims by various investment service providers. PaRRVA aims to change all of that.
SEBI Chairman Tuhin Kanta Pandey emphasized:
“For investors, PaRRVA gives clarity and confidence. PaRRVA, in due course, will provide investors with credible performance data related to investment services offered to them.”
This marks a major step toward responsible investing, improved transparency, and stronger investor protection.
What PaRRVA Will Do
PaRRVA is engineered to:
Standardise performance reporting
No more ambiguity—all investment performance data will follow a uniform, verified format.
Create digital audit trails
Every data point will be validated using technology-driven verification and traceability.
Reduce mis-selling
Verified historical performance reduces scope for misleading claims across advisory, PMS, AIF, and distribution channels.
Enhance investor trust
Reliable, audited information empowers investors to make informed decisions.
Why This Is a Game Changer
For Investors
Transparent, comparable, and verified performance data
Greater confidence in investment services
Protection from exaggerated claims and misinformation
For Industry Participants
Clear guidelines on performance disclosure
Reduced compliance ambiguity
Enhanced credibility in the eyes of clients
For the Market Ecosystem
Strengthened governance
Better alignment with global regulatory standards
Reinforced investor‑first culture
What’s Next?
The current phase is a pilot, but once fully operational, PaRRVA is expected to become one of the most important regulatory technology tools in India’s market ecosystem.
It has the potential to reshape:
Advisory practices
Performance reporting for PMS/AIF/MF distributors
Investor behaviour and expectations
A more transparent market is a more trusted market—and PaRRVA is paving that path.
Explore More Insights
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