Mumbai: The Securities and Exchange Board of India (SEBI) has appointed Care Ratings Ltd. to act as the Past Risk and Return Verification Agency (PaRRVA), the market regulator said in a circular released April 29, 2026.
PaRRVA will vet the past performance and risk disclosures of market intermediaries, including investment advisors, research analysts, stock brokers, and algorithm traders, under a new verification framework. Care Ratings will begin operations in the role from May 4, 2026, SEBI said.
The move is aimed at standardising how past returns and risk metrics are reported by market participants, giving investors verified data to assess track records.
