PaRRVA verification framework enables use of independently verified risk return metrics in regulated claims following prescribed standards. The circular creates a regulatory framework recognising certain Credit Rating Agencies as PaRRVA and specified Stock Exchanges as PaRRVA Data Centres (PDCs), prescribing eligibility criteria, a two stage recognition process with implementation and site visit conditions, and clear principal-agent roles where PaRRVA defines methodology and retains responsibility while PDCs host and process verification systems and data. It mandates record retention, presentation guidelines and disclaimers for verified risk return metrics, establishes an Oversight Committee for governance and audits, and enables amendments allowing regulated persons to use PaRRVA verified metrics in claims subject to SEBI standards and enforcement.
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Provisions expressly mentioned in the judgment/order text.
PaRRVA verification framework enables use of independently verified risk return metrics in regulated claims following prescribed standards.
The circular creates a regulatory framework recognising certain Credit Rating Agencies as PaRRVA and specified Stock Exchanges as PaRRVA Data Centres (PDCs), prescribing eligibility criteria, a two stage recognition process with implementation and site visit conditions, and clear principal-agent roles where PaRRVA defines methodology and retains responsibility while PDCs host and process verification systems and data. It mandates record retention, presentation guidelines and disclaimers for verified risk return metrics, establishes an Oversight Committee for governance and audits, and enables amendments allowing regulated persons to use PaRRVA verified metrics in claims subject to SEBI standards and enforcement.
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