Paryaya or Udupi Paryaya festival is a bi-annual celebration observed in January when a Peetadhipathi takes over the Krishna Pooja Paryaya at Shri Krishna Mutt for next two years. In 2012, Paryaya festival date is January 18 when Sode Mutt Seer Shri Vishwavallabha Theertha will take over the Sri Krishna Puja at Udupi temple till 2014 Paryaya festival.
In 2012, Shri Vishwavallabha Theertha will take over the charges from Shirur Peetadhipathi Shri Sugunendra Theertha.
Udupi Paryaya is highly auspicious for Madhva people and the followers of Madhvacharya. On the Paryaya day, the administration and responsibilities of puja and rituals in Udupi Sri Krishna temple are handed over to another swamiji of another mutt by the present swamiji of a Mutt. The administration of the temple will be shared by eight Mutts established by Madhvacharya.