SEBI proposes to exempt research analysts from mandatory call recordings with institutional clients, effective November 2026, while retaining other recordkeeping duties.
SEBI Exempts Institutional Client Call Recordings Under Research Analyst Regulations
SEBI has amended the SEBI (Research Analysts) Regulations, 2014, to exempt communication recordings between research analysts and institutional investors starting November 2026. The exemption applies only to calls; other records — including reports, emails, and supporting data — must still be preserved for four years.
The move follows industry feedback that mandatory recordings hinder candid analysis and increase compliance burden. The regulator has retained oversight through sample audits and whistleblower mechanisms.
This change simplifies compliance for investment research firms, particularly those serving mutual funds and large asset managers. Firms should update their internal policies and ensure alternative accountability measures remain in place.
Citations
- SEBI (Research Analysts) Regulations, 2014 (Second Amendment) 2026
