New Delhi, April 4 -- The Securities and Exchange Board of India (Sebi) issued a framework for the Past Risk and Return Verification Agency (PaRRVA), designed to independently verify the risk and return metrics claimed by investment advisors (IAs), research analysts (RAs), and algorithmic trading providers.

PaRRVA was introduced during Sebi's board meeting on 19 December to provide investors with independent verification of these services' risk and return characteristics before they invest.

Sebi notified on 4 April that credit rating agencies (CRAs) meeting stringent eligibility criteria can be recognized as PaRRVAs; while recognized stock exchanges will act as PaRRVA sata centers (PDCs), providing the necessary infrastructure.

PaRRVA ...