The Past Risk and Return Verification Agency (PaRRVA) has been launched by CARE Ratings Limited in collaboration with the National Stock Exchange of India (NSE) to enhance the verification of performance claims in the securities market. Conceptualized by the Securities and Exchange Board of India (Sebi), the initiative aims to standardize how risk and return data is presented to investors, especially as participation in India's capital markets grows. Launched in December 2025, the PaRRVA framework allows intermediaries to submit transaction data via API integrations or file uploads, which is then processed at the PaRRVA Data Centre supported by NSE. Approximately 50 different parameters are computed from transaction-level data sourced from stock exchanges and clearing corporations. The verified performance metrics will be accessible to investors through QR codes or direct links, ensuring transparency and comparability in financial advisory. NSE Managing Director and CEO Ashish Chauhan emphasized that this initiative aims to provide credible performance data while allowing regulated entities to showcase verified track records. Mehul Pandya, Managing Director of CareEdge, highlighted that PaRRVA will improve transparency and discipline in the financial advisory ecosystem, positioning it as a key enabler for performance verification in the Indian securities market.