Recognition and operationalization of Past Risk and Return Verification Agency (PaRRVA): This initiative aims to standardize the verification of past performance claims made by regulated entities, including Investment Advisers (IAs), Research Analysts (RAs), and Algo providers empanelled with Stock Exchanges (SEs). Under the framework, a SEBI-registered Credit Rating Agency (CRA) meeting specific criteria (minimum 15 years existence, ₹100 crore net worth, 250+ rated issuers) can apply to be recognized as a PaRRVA. This PaRRVA must partner with an eligible SE (minimum 15 years existence, ₹200 crore net worth, nationwide terminals) which will act as the PaRRVA Data Centre (PDC). The PDC will handle the technical aspects of data processing and system hosting, receiving data from Market Infrastructure Institutions (MIIs), AMFI, and regulated persons, while the PaRRVA defines the verification methodology and holds overall responsibility. (SEBI Circular Dated 04/04/2025)