PaRRVA (Past Risk and Return Verification Agency) is SEBI's framework for independently verifying past-performance claims by research analysts, investment advisers and algo providers. It went live on 4 May 2026, with CARE Ratings as the agency and NSE as the data centre. RAs must enrol by 3 September 2026 to keep advertising past performance.
Updated:
| Full name | Past Risk and Return Verification Agency (PaRRVA) |
|---|---|
| Pilot | From 8 December 2025 |
| Live | 4 May 2026 |
| Agency / data centre | CARE Ratings / NSE |
| Enrolment deadline for RAs | 3 September 2026 |
| AlphaQuark | Each model-portfolio rebalance is stored as a time-stamped advice record when published |
PaRRVA — SEBI's Past Risk and Return Verification Agency — is the independent layer that verifies past performance claims made by research analysts, investment advisers and algo providers. It ran as a pilot from 8 December 2025 and began full operation on 4 May 2026, with CARE Ratings recognised as the agency and NSE acting as the data centre. The deadline that matters for a SEBI-registered Research Analyst is 3 September 2026: enrol with the PaRRVA network by then, or you can no longer communicate certified past performance at all. The structural change is simple but profound — you can only advertise a return, an accuracy figure or a success rate if the underlying recommendations were recorded, time-stamped and independently checked, which makes performance the claims equivalent of audited financials. Reconstructed history and screenshots of winning calls are worth nothing here. This is exactly where the platform you run on matters. On AlphaQuark, every model-portfolio rebalance is captured as a structured, time-stamped advice record at the moment you publish it, and your recommendations, rebalances and resulting returns live in one consistent system that is built to feed PaRRVA-ready performance data into the verification network. The result is a track record that is contemporaneous and verifiable from the first rebalance, reported net of costs against the right benchmark with drawdown shown openly — so when a prospect asks whether your numbers are real, the answer becomes a quiet yes, independently verified. In a market where most competitors built their following on unverifiable claims, that verified record is a genuine differentiator the moment the deadline passes.
From 3 September 2026, an RA can only advertise past performance that has been independently verified through PaRRVA. Any “returns”, “accuracy” or “success-rate” claim must trace back to recommendations recorded at the time you made them, not reconstructed later from memory or a spreadsheet.
Each model-portfolio rebalance is logged as a dated advice record the moment you publish it, and your recommendations, rebalances and returns sit in one system built to feed PaRRVA-ready performance data into the verification network — so verification is a non-event, not a quarterly scramble.
PaRRVA went live on 4 May 2026 after a December 2025 pilot. RAs and IAs must enrol with the PaRRVA network by 3 September 2026 to keep communicating certified past performance. SEBI deadlines around RA compliance have historically been firm — start enrolment well ahead of the August rush.
The RAs who instrument their performance early will be the only ones able to say “PaRRVA-verified” once the deadline passes. A verifiable track record both ranks better and converts better than an unverifiable accuracy claim.
Any return, accuracy figure or success rate an RA or IA communicates to the public is a performance claim. Under PaRRVA it must trace back to recommendations recorded when they were made and checked by the agency. Screenshots of past calls or returns rebuilt later in a spreadsheet do not qualify.
Enrol with the PaRRVA network well before 3 September 2026. Make sure every recommendation from now on is recorded with a timestamp in one system, report returns net of costs against a stated benchmark, and stop using any performance figure that cannot be verified.
PaRRVA is the Past Risk and Return Verification Agency, the SEBI framework that independently verifies past-performance claims by research analysts, investment advisers and algo providers. CARE Ratings is the agency and NSE is the data centre.
RAs must enrol with the PaRRVA network by 3 September 2026 to keep communicating past performance. PaRRVA went live on 4 May 2026 after a pilot from 8 December 2025.
AlphaQuark stores every model-portfolio rebalance as a time-stamped advice record when it is published, so the recommendations and resulting returns needed for verification are already in one consistent system.