As per recent SEBI guidelines, performance of all portfolios can only be shown and advertised if validated by PaRRVA. We are happy to announce that the Publisher Platform is now fully integrated with PaRRVA.
Due to this integration, there are changes to how smallcases can be published and rebalanced on the Publisher Platform. Please go through this document to understand the changes as well as some key considerations.
Changes in new smallcase publishing flow
Change #1: Updated character support for smallcase names
PaRRVA doesn’t allow registration of any portfolios that have characters apart from:
Alphanumeric characters (a-z, A-Z, and 0-9) and
The following special characters: Ampersand (&), Hyphen (-), Period (.), Comma (,)
Thus, when creating any smallcase which contains a non-supported character, an error will be shown as below and saving the smallcase will not be allowed:
Change #2: Internal Review Process while publishing a new smallcase
In the PaRRVA systems, the name of a smallcase is its unique identifier. Once a smallcase is registered on PaRRVA, its name is permanent and cannot be modified.
Thus, we will not allow any changes to smallcase names once they are published from the Platform. Hence, we request you to ensure the smallcase names have been finalised before publishing them.
As an additional measure, we have introduced an internal review step in the smallcase publishing process. This is to ensure that the smallcase names are true to label.
Thus, new publishing process works as explained below:
Once a draft is created and updated with all the necessary details such as investment horizon, strategy tags, rationale, methodology and rebalance information, click on “Publish smallcase”. This will show the below pop-up for you to confirm. Please check the check-box to proceed in the publish flow.
Once a draft is submitted for review, the status will change to Review in progress
Our team will review the smallcase details. If the review passes successfully, the team will submit the smallcase to PaRRVA. At this point of time, the status will change to Registering with PaRRVA
If any issues are found in the review process, our team will reach out to you and get it resolved
It will take upto 24 hours for the internal review process to be completed for any smallcase submitted for review
A smallcase submitted for PaRRVA registration on day T will be published on day T+1 post market hours, where both T and T+1 are active market trading days.
Hence, smallcases submitted on Friday will only be published on Monday post market hours and available to investors from Tuesday onwards to invest in
smallcases cannot be submitted for PaRRVA registration on non-market trading days, such as weekends or market holidays. Please plan accordingly.
Changes in Rebalance flow on live smallcases
Once you push a rebalance, it will be registered in real-time with PaRRVA. This is a permanent and irreversible step. Thus, we request you to exercise utmost caution when pushing a rebalance from the Added tab
When pushing rebalances, you will be shown the following pop-up. Please check the check-box to proceed in the rebalance flow.
Due to restrictions on PaRRVA’s end, rebalances can be pushed only between 9:15AM to 8:30PM on market trading days. Hence, you cannot push rebalances on non-market trading days or any time outside the above stated window.
Other Key Considerations regarding smallcases
Do NOT register any portfolios or rebalances, either currently live or planned in the future, directly on the PaRRVA dashboard
Portfolio registration and rebalances on PaRRVA will be handled automatically through the Publisher platform. Registering directly on PaRRVA will create a mismatch between PaRRVA and Publisher platform records, leading to unintended issues that cannot be reversed later as per PaRRVA's system.
If you change your password on the PaRRVA portal at a later stage, you must immediately update the same on the Publisher platform (Profile > Compliance > CarePaRRVA Credentials section)
Failing to do so will cause portfolio registrations and rebalances to fail and existing smallcases’ returns to not be updated.
PaRRVA has a 90-day cool off period for providing performance data, since first portfolio registration
This means that PaRRVA validated performance will only be shown for your smallcases, 90 days after registration of your first smallcase. Until then, the CA validated performance will continue to be showcased and provided for all your smallcases.
Since the first portfolio registration date is different for each manager, we will inform you and provide more details once PaRRVA validated returns start coming for your smallcase & how they will be shown.