If you are mainly talking about the Goa or Hyderabad campus, you will not be able to let your parents stay with you. But, as far as the Pilani campus is concerned and you are from the city, you can stay with your parents.
However, it is advised not to think of doing something like this because if you are a day scholar, transportation will be a huge hassle for you. Even if you make pros and cons list, the pros will not be worth it.
A friend of mine also thought of doing the same but he switched to a hosteller after a year. You will learn new things in life when you stay at the hostel. You will get to learn how to live among people that you like and otherwise dislike.
Generally speaking, I have also heard of a few parents coming and staying for a span of two to three days to meet their children. But, let me tell you if you are thinking of parents staying with you on campus, that is probably not possible as most of us have never heard of such a case.