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SEBI Eases Call Recording Rules for Research Analysts with Institutional Clients
M
Moneycontrol•24-09-2026, 18:48
SEBI Eases Call Recording Rules for Research Analysts with Institutional Clients
- •SEBI has relaxed the mandatory call recording requirement for research analysts (RAs) interacting with institutional investors, aiming to ease compliance burdens.
- •RAs will still need to maintain other records of client interactions, such as emails and SMS messages, for institutional clients.
- •The relaxation does not apply to retail clients, for whom RAs must continue to maintain call recordings.
- •The move follows requests from market participants, recognizing institutional investors' sophistication and ability to evaluate research independently.
- •Records of interactions with institutional clients, including prospective ones, must be preserved for five years, or longer if disputes arise or SEBI directs.
Key Questions Answered
SEBI approved a proposal to relax the requirement for research analysts and research entities to maintain call recordings of interactions with institutional clients. However, they must continue to maintain other records like emails, SMS messages, and legally verifiable documents.
No, the relaxation does not apply to retail clients. Research analysts must continue to maintain call recordings for retail clients as part of their existing record-keeping obligations.
Research analysts must preserve records of interactions with institutional clients, including prospective clients, for five years. A longer retention period is required if a dispute has been raised or if SEBI directs specific records to be preserved.
