How can I verify a research analyst's past performance?
A past-performance figure counts as verified only when SEBI's verification agency, PaRRVA, has checked it. Here is how to find that check and read it.
Published 12 November 2026 · Potoos Research Services
The short answer. Ask for the PaRRVA link or QR code behind the figure and open it on the PaRRVA website. Check that it covers all the calls for a set period. A figure shown with no PaRRVA link is not verified, and verified past figures still do not promise future results.
What PaRRVA is
PaRRVA stands for Past Risk and Return Verification Agency. It checks the past risk and return figures of SEBI-registered research analysts and some other registered firms, so that any performance claim they make rests on checked numbers. SEBI's circular of 29 April 2026 named Care Ratings Limited as the PaRRVA, with NSE (the National Stock Exchange) running the PaRRVA Data Centre that does the checking. SEBI set regular services to start from 4 May 2026, after a pilot phase.
The analyst sends each research call to the data centre when it goes to clients, or at the end of that day. The centre then works out the results using data from the exchanges. So the figures come from calls recorded at the time, not from a list put together later.
Where you can see verified figures
SEBI's framework says PaRRVA shows the verified figures on its own website, open to investors as well as to the analysts. Care Ratings runs this website at careparrva.com. Every performance claim must carry a link or QR code to the analyst's overall summary on that website.
SEBI's advertisement rules for research analysts also ban any mention of past performance unless PaRRVA has verified it and it is shown the way SEBI sets. So a screenshot, a social-media post or a few hand-picked trades is not verification. If a figure has no PaRRVA link or QR code, treat it as unverified.
Check that the claim shows the whole picture
SEBI's presentation rules for verified figures say:
- A claim cannot pick out one stock or one portfolio when the analyst issued several during that period.
- A claim about single-stock, derivative or intraday calls must cover all such calls, with the number of calls and the range of gains and losses.
- Such a claim must not name any specific stock or derivative.
- Figures are for set periods. Dates cannot be chosen to make the result look better.
- Figures describe the analyst's research calls. A claim about what one client earned is not allowed.
Figures from before 4 May 2026
For the time before PaRRVA started, SEBI allows a temporary route. An analyst may share past figures certified by a chartered accountant or cost accountant (a member of ICAI or ICMAI), but only if you ask for them, only to you directly, and never on a public website or social media. They must carry SEBI's disclaimer saying the figures are not verified by PaRRVA and may not be comparable with other analysts' figures.
Only analysts who enrolled with PaRRVA by 3 September 2026 may keep using this route (SEBI moved the date from 3 August 2026), and it ends on 3 May 2028. Figures for any period from 4 May 2026 onward must come from PaRRVA.
What verification does not tell you
Verified figures are past results. SEBI's required disclaimers say verified returns do not guarantee any returns in future, that the return you actually get can differ because of the market price when you trade, and that verification is not a check that the analyst follows every rule. Separately, SEBI requires analysts to state that registration with SEBI does not guarantee performance or returns.
Sources
- SEBI circular on recognition and operationalisation of PaRRVA. 4 April 2025. Paragraph 1 (page 1); paragraph 20 (page 6); Annexure A (page 13); Annexure B, items (i) to (v), (vii) and (viii) (pages 14-15); Annexure C (page 16).
- SEBI PaRRVA operationalisation circular. 29 April 2026. Paragraphs 2, 3 and 5 (pages 1-2).
- SEBI circular extending the PaRRVA enrolment date. 3 August 2026. Paragraph 3 (pages 1-2).
- SEBI Master Circular for Research Analysts. 6 February 2026. Paragraph 11.1(b)(viii) (page 34); paragraph 11.1(c)(xii) (page 36); paragraph 23 (pages 47-48).
- Care Ratings PaRRVA website, linked from the Care Ratings (CareEdge) website. Checked 11 November 2026.
Sources checked on 11 November 2026. Information cutoff: 11 November 2026, 18:00 IST
Common questions
What is PaRRVA?
The Past Risk and Return Verification Agency. It checks the past risk and return figures that SEBI-registered research analysts and some other registered firms use in performance claims. Care Ratings Limited is the PaRRVA, with NSE as its data centre.
When did regular PaRRVA services start?
SEBI's circular of 29 April 2026 set 4 May 2026 as the start of regular services, after a pilot phase.
Can I see verified figures myself?
SEBI's framework says PaRRVA shows verified figures on its website, open to investors. Care Ratings runs it at careparrva.com. Every claim must carry a link or QR code to the summary there.
What about figures from before 4 May 2026?
They can be shared only on your request, one to one, certified by a chartered or cost accountant and marked as not verified by PaRRVA. This route ends on 3 May 2028.
Does verified past performance assure a future result?
No. Verified figures are past results only. SEBI's required disclaimer says they do not guarantee any returns in future.
Potoos Research, SEBI-registered Research Analyst. Registration number INH000027380. SEBI is the Securities and Exchange Board of India.