Operationalisation of Past Risk and Return Verification Agency (“PaRRVA”)

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....A") Background 1. SEBI, vide circular no. SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/51 dated April 4, 2025, specified the framework for recognition and operationalisation of PaRRVA. As specified in the said circular, A CRA may be recognized as a PaRRVA, in terms of Regulation 12A of the 'SEBI (Credit Rating Agencies) Regulations, 1999' ("CRA Regulations") read with Regulation 16E of the SEBI (Intermediaries Regulations), 2008 ("Intermediaries Regulations") and such CRA shall engage with a recognized SE which will serve as the PaRRVA Data Centre ("PDC"). Recognition of PaRRVA 2. In pursuance of the above circular, Care Ratings Limited ("CRL") has been granted recognition as PaRRVA, with National Stock Exchange India Limited ("NSE") acti....

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....lients (including prospective clients) must enroll with PaRRVA by August 03, 2026. 5.2. IAs/RAs may communicate certified past performance data to clients (including prospective clients), only up to May 03, 2028. Change in composition of Oversight Committee 6. Paragraph 27 of the SEBI Circular no. SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/51 dated April 4, 2025 mandates PaRRVA to constitute an oversight committee to oversee the activities of the CRA as PaRRVA and the Stock Exchange as PDC. The said para also prescribed the composition of the oversight committee. 7. Based on receipt of representations from PaRRVA and PDC regarding the challenges faced in constitution of the committee, the proposed composition of the oversight committee ....