What Is PaRRVA? SEBI’s Past Returns Verification, Explained
PaRRVA stands for Past Risk and Return Verification Agency. It is a SEBI framework, live since 4 May 2026, that lets an independent agency verify the past risk and return numbers that research analysts, investment advisers and algo providers show to clients.
The short answer
Before PaRRVA, anyone could put a number on a website. Now, if a number has been through PaRRVA, it has been checked by someone with nothing to gain from it.
SEBI has recognised CARE Ratings as the first PaRRVA. The National Stock Exchange acts as the PaRRVA Data Centre, which holds the underlying data.
What PaRRVA actually verifies — and what it does not
PaRRVA verifies risk and return metrics going forward from the date an entity enrols. It does not reach backwards and bless years of old claims.
That distinction matters more than it sounds. An advisor who enrolled in 2026 cannot have a PaRRVA-verified ten-year record, because the verification did not exist ten years ago. Anyone presenting one is not describing PaRRVA.
What PaRRVA does not do:
- It does not predict anything. A verified past return says what happened, not what will happen.
- It does not rate the advisor. It checks the arithmetic and the underlying data, not the quality of the advice.
- It does not cover recommendations given before enrolment.
The dates that matter
| Date | What changed |
|---|---|
| 4 May 2026 | PaRRVA framework went live |
| 28 May 2026 | Only PaRRVA-verified data may be distributed through the framework |
| 3 September 2026 | Final enrolment deadline for research analysts and investment advisers (extended from 3 August) |
| May 2028 | Two years from launch: only PaRRVA-verified metrics will be permitted |
A research analyst who missed 3 September 2026 cannot share certified past performance figures with clients at all. Doing so anyway is a regulatory breach, not a grey area.
Why an honest advisor may show you nothing right now
This is the part most people get backwards.
Under the interim arrangement, a research analyst who has enrolled may still share past performance from before PaRRVA — but only on a specific request from a client or prospective client, one to one, certified by an ICAI or ICMAI member, in the format prescribed by the Research Analyst Administration and Supervisory Body, and carrying a clear disclaimer that the data is not PaRRVA-verified.
Public display of that data is not permitted.
So if you land on an advisory website in 2026 and see a wall of winning trades, a running profit ticker, or a percentage accuracy claim, you are not looking at a more successful firm. You are looking at a firm that is either not enrolled, or is ignoring the rule.
The advisor who says “I can’t publish that, but I can send you a certified statement if you ask” is the one following the framework.
What to ask before you pay anyone
Three questions, in this order:
- Are you a SEBI-registered research analyst? Ask for the INH registration number and check it yourself. Here is how to verify it.
- Are you enrolled with PaRRVA? Since 3 September 2026 this is not optional for anyone who wants to discuss past performance with clients.
- Can you send me your past performance in the prescribed format? If the answer is a screenshot from a Telegram channel, you have your answer.
An advisor who cannot answer the first two questions is not someone whose track record you need to examine.
Where Scoutstack stands
Scoutstack Technical Research is registered with SEBI as a Research Analyst (INH000006086) and has completed PaRRVA enrolment for equity cash and F&O.
Enrolment is not the same as verified performance. Our submitted calls are still working through the verification process; until that completes, we have no PaRRVA-verified metrics and we will not present any number as verified.
We also do not publish a public track record, because the framework does not permit it. If you want our past performance, ask and we will send it in the prescribed format, certified, with the disclaimers the rules require. See our compliance & disclosures for the full registration details.
Past performance, verified or not, is not a guarantee of future results. Investments in securities are subject to market risk.
Frequently asked questions
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See the full compliance & disclosures, learn how to verify a SEBI Research Analyst, or explore the research plans.
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