SEBI Update – Recognition and operationalization of Past Risk and Return Verification Agency (PaRRVA)

Securities and Exchange Board of India (SEBI) has issued a circular outlining the framework for the recognition and operationalization of the Past Risk and Return Verification Agency (PaRRVA).
Eligibility Criteria for PaRRVA .

The eligibility criteria for a CRA for recognition as PaRRVA shall be as under (as on the date of application for recognition as PaRRVA): (i) Number of years of existence of the CRA should be minimum 15 years; 

(ii) Minimum net worth of the CRA should be INR 100 crores;

(iii) Number of issuers which have obtained ratings of listed or proposed to be listed debt securities from the CRA should be 250 or more; and

 (iv) CRA should have Investor grievance redressal mechanism including Online Dispute Resolution (“ODR”) Mechanism

Eligibility Criteria for PDC 
 The eligibility criteria for a SE to act as PaRRVA Data Centre (“PDC”) shall be as under (as on the date of agreement with associated CRA for acting as PDC): 

(i) Number of years of existence of the SE should be minimum 15 years; 

(ii) Minimum net worth of the SE should be INR 200 crores;

 (iii) The SE should have nation-wide terminals; 

(iv) SE should have Investor grievance redressal mechanism including Online Dispute Resolution (“ODR”) Mechanism.
The circular shall come into force with immediate effect.

Link –https://www.sebi.gov.in/legal/circulars/apr-2025/recognition-and-operationalization-of-past-risk-and-return-verification-agency-parrva-_93321.html