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.
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