SEBI has relaxed call recording requirements for research analysts interacting with institutional clients, effective 8 November 2026. Other recordkeeping obligations remain in force.
SEBI Relaxes Call Recording Mandate for Research Analysts
Effective 8 November 2026, the Securities and Exchange Board of India (SEBI) has made call recordings optional for research analysts when communicating with institutional clients. This move is intended to reduce compliance burdens while preserving investor protection through alternative recordkeeping mechanisms.
While call recordings are no longer mandatory, SEBI has emphasized that all other documentation and record retention obligations under the SEBI (Research Analysts) Regulations, 2014 remain applicable. Entities must still maintain comprehensive records of research dissemination, recommendations, and client interactions in a verifiable format.
"The decision balances regulatory oversight with operational feasibility for market intermediaries dealing with sophisticated investors,"said a SEBI official. The change applies exclusively to institutional clients as defined under the regulations, and not to retail investors. Practitioners should ensure internal policies are updated to reflect the revised requirements and maintain audit trails for compliance verification.
