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of <h1>Financial Performance Verification Framework Launched to Enhance Transparency and Credibility of Credit Rating Agencies Under Section 12(3)</h1> The circular establishes a framework for a Past Risk and Return Verification Agency (PaRRVA) to verify risk and return metrics for financial intermediaries. It outlines eligibility criteria for credit rating agencies to become PaRRVA, defines roles and responsibilities, and sets guidelines for verification and presentation of performance metrics. The agency will operate on a pilot basis for two months, with an oversight committee monitoring its activities and ensuring transparent, non-misleading presentation of verified financial performance data.
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