The Decoration shall be granted to all ranks of the Regular and Volunteer forces of the Army, Navy and Air Force of the Democratic Socialist of Sri Lanka for individual acts of gallantry and conspicuous bravery of the most exceptional order in the face of the enemy, performed voluntarily whilst on active service with no regard to the risk to his own life and security with the objective of safeguarding thereby the lives of his comrades or facilitating the operational aim of his force and who are recommended by the Commander of the Army the Commander, the Commander of the Navy or the Commander of the Air Force to receive the award under the terms and conditions defined in the regulations appearing in the Gazette Extraordinary No. 156/5 of 01st September 1981 of the Democratic Socialist Republic of Sri Lanka.
The Decoration shall be conferred by His Excellency the President by the citation under His hand and seal and the award shall be made personally by His Excellency the President at a special Investiture.
The names of the persons upon whom the Decoration is conferred shall be published in the Gazette of the Democratic Socialist Republic of Sri Lanka and a Register of all such recipients shall maintained under the direction of his Excellency the President.
Every recipient of the Decoration shall be entitled to use the symbol “PWV” after his name.
https://www.doa.gov.lk/SCPPC/NPQS/images/qurantine_related_laws/Extraordinary-gazette-1981.pdf