The upāsanā of Mahātripurasundarī Parābhaṭṭārikā in the śrīcakra is called Srīvidyā. Specifically, this refers to the Pañcadaśī and ṣōḍaśī mahāmantras. Srīvidyā is the most complete and sophisticated school of Tantra today. This school derives its metaphysics from the Kāśmīra śaiva darśana. The three main sampradāyas of śrīvidyā are Dakṣiṇāmūrti, Hayagrīva and Paramānandabhairava.
The three major streams of śrīvidyā are:
- Kādi propagated by Manmatha or Kāmarāja
- Hādi propagated Lōpāmudrā
- Sādi propagated by Sage Durvāsā
In the Southern recession of śrīvidyā, the worship of Mahātripurasundarī and her retinue of deities - Mahāgaṇapati, Bālā, Rājamātaṅgī, Mahāvārāhī, and Parā - is codified in the Paraśurāma Kalpasūtra. In the Northern recession of Sarvāmnāya Krama followed in our lineage, Rājarājēśvarī is worshiped in the ṣōḍaśāvaraṇa śrīcakra along with Ugratārā, Bhuvanēśvarī, Dakṣiṇā Kālī, Navaratna Kubjikā, Triśakti Chāmuṇḍā, Kāmakalā Guhyakālī, and Bālāmbikā. This procedure is derived from Br̥hadbaḍabānala Tantra.
Bhāskararāya Makhīndra is the most well-known luminary of śrīvidyā. His three works - Saubhāgyabhāskara, Varivasyārahasya and the commentary on Nityāṣōḍaśikārṇava - constitute the Prasthānatraya of śrīvidyā. Several living lineages today trace their schools to Bhāskararāya.
Srīvidyā upāsanā is followed in all four āmnāya maṭhas established by Adi Shaṅkarācārya. The worship of śrīcakra is performed every day in these maṭhas.