CARE Ratings Limited, in collaboration with the National Stock Exchange of India Limited (NSE), has announced the commercial launch of Past Risk and Return Verification Agency (PaRRVA), a first-of-its-kind global initiative conceptualised by SEBI. The platform is now live and accessible at www.careparrva.com , following the successful completion of a pilot project that was launched by SEBI Chairman Shri Tuhin Kanta Pandey in December 2025.

SEBI Authorization and Launch Timeline

The commercial launch follows formal authorization from SEBI through its circular dated April 29, 2026, with the service commencement effective from May 4, 2026. CARE Ratings had initially received final recognition from SEBI under the circular dated April 4, 2025, which was communicated to exchanges on December 5, 2025. The company has now successfully completed the mandatory pilot phase, enabling full commercial operations.

PaRRVA Framework and Capabilities

PaRRVA is designed to bring transparency and standardisation to performance claims made by financial intermediaries. The framework validates risk-return metrics for Investment Advisors, Research Analysts, and Trading Members, ensuring greater credibility, compliance, and investor trust. Intermediaries can submit recommendations through secure API-based integration or file uploads, following which PaRRVA conducts 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. These metrics are disseminated to investors via the PaRRVA platform, with options to view reports by scanning QR codes or accessing the official PaRRVA portal.

NSE Collaboration and Data Centre Role

NSE plays a pivotal role as the PaRRVA Data Centre (PDC), providing authenticated market data for robust risk and return verification. In accordance with SEBI's circular dated April 4, 2025, NSE has formally consented to act as the PDC for CARE Ratings Limited in its role as PaRRVA. This collaboration enhances transparency and reliability in risk and return verification processes, enabling Investment Advisers, Research Analysts, and Algo providers to present accurate, standardised reports.

Leadership Statements

Ashish Chauhan, MD & CEO, NSE, stated that PaRRVA reaffirms SEBI's commitment to keeping India's securities markets fair, transparent, orderly, and resilient. He emphasized that NSE is pleased to support this initiative by providing the PaRRVA Data Centre, enabling the framework to leverage authenticated market data.

Mehul Pandya, MD and Group CEO, CareEdge, highlighted that PaRRVA represents a significant advancement in enhancing trust, discipline, and transparency across the financial advisory ecosystem. He noted that the independent validation framework is designed to deliver accurate, standardised, and unbiased disclosures, strengthening market integrity and equipping investors with reliable data.

Platform Features and Compliance

PaRRVA strengthens compliance by preventing selective returns presentation, avoiding client-specific claims, and ensuring that every metric is backed by required disclosures. The platform's secure data architecture, along with T+1 portfolio validation and end-of-day checks for intraday strategies, helps maintain both accuracy and speed.

The notification was signed by Manoj Kumar CV, Company Secretary and Compliance Officer, and submitted to both BSE Limited and The National Stock Exchange of India Limited as part of the company's disclosure obligations under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

CARE Ratings Limited has officially informed the stock exchanges that it does not qualify as a Large Corporate entity, thereby exempting it from specific regulatory disclosure requirements related to debt securities for the upcoming financial year.

Regulatory Compliance Status

In a formal communication dated April 8, 2026, CARE Ratings Limited notified both BSE Limited and the National Stock Exchange of India about its regulatory status under the Large Corporate framework. The company confirmed that as on March 31, 2026, it does not fall under the Large Corporate category as defined in chapter XII of the Operational Circular for issue and listing of Non-Convertible Securities, Securitised Debt Instruments, Security Receipts, Municipal Debt Securities and Commercial Paper.

Disclosure Requirements Exemption

The non-applicability of the Large Corporate category has significant implications for the company's regulatory obligations. Since CARE Ratings Limited does not meet the criteria for Large Corporate classification, it is exempt from filing the Initial Disclosure for financial year 2026-2027. This exemption relieves the company from certain mandatory disclosure requirements that would otherwise apply to larger entities in the debt securities market.

Historical Compliance Status

The company also clarified its status for the previous financial year, confirming that it was not categorized as a Large Corporate for financial year 2025-2026. Consequently, CARE Ratings Limited is also exempt from filing the Annual Disclosure for FY25-26, maintaining consistency in its regulatory compliance status across consecutive financial years.

Official Communication Details

The notification was formally addressed to both BSE Limited and National Stock Exchange of India, bearing reference number SE/2026-27/5. The communication was signed by Manoj Kumar CV, Company Secretary & Compliance Officer of CARE Ratings Limited, and digitally authenticated on April 8, 2026. The formal letter specifically referenced chapter XII of the operational circular governing fund raising by issuance of debt securities by large corporates.