SEBI has operationalised the Past Risk and Return Verification Agency (PaRRVA) framework. CARE Ratings Limited has been recognised as PaRRVA, with National Stock Exchange of India Limited acting as the data centre. The framework mandates that regulated entities must enrol with PaRRVA within three months to continue communicating certified past performance, failing which such communication will be prohibited. Further, after two years, only PaRRVA verified performance metrics may be disclosed, disallowing reliance on pre-operational data.