So, I was right about the possibility of the rejection being a parental ego issue. 
Hmm, try connecting with your parents. Try telling your parents that:
“Mom and Dad, you both have done so much for me. You’ve both instilled me with good moral values and I would never consider a guy that does not have the same values that I’ve been brought up with. I have told you about this guy only because I thought that as my parents it was important for you both to know about him. I believed that I had the kind of strong relationship with my parents where you both would consider my thoughts and feelings in an open-minded manner. I have not run away with this guy. I have not crossed my limits. I’m only asking that you meet him, get to know him, and sincerely and seriously consider him with an open mind. Marriage is a life-long commitment and journey. And as my parents who have raised me with so much love, I cannot imagine that you would pressure or force me into marrying and spending the rest of my life with someone that my heart is not into. A marriage is to supposed to be a happy occasion for both the people entering such a union. I’m not going around chasing this guy. The proposal will come from him in a respectable fashion. I only ask that you both get to know him and his family and consider them seriously. Nobody has to know that I knew the guy before the rishta was sent. As the times change, flexibility has to be adapted even in age-old family traditions.”
^I know it’s rather long. But maintain a calm voice. And try to bring about the points from above. When you begin, sincerely praise your parents for all that they’ve done for you. That’s a strong way to connect with them. And then proceed with the rest of your reasons.
The most important thing is that this guy (if he is sincerely interested in you)…then he will have the COURAGE to come to your house with a rishta from himself and his parents in a respectable manner.
I think that will calm your parents down. Because if ALL that you’re doing is talking to your parents about him…and he STILL hasn’t even showed up at your house with a rishta…then you’re behaving like a FOOL. And your parents are justified in not treating this issue seriously.
^In order for your parents to treat this matter seriously…the guy needs to take a step. He needs to come to your house with a proposal. And he needs to make a strong effort at connecting with your parents. So talk to the guy when you have a chance. And ask him if he plans on sending a rishta. Because if the guy hasn’t taken an bold steps yet…then this make it look like you’re the one who is desperately chasing after him. So, get him to propose officially…if he hasn’t done so already.