[EDITOR NOTE — DELETE BEFORE PUBLISHING] Held for review: number 23, not found in source; number 2026, not found in source; number 25 not found in source; number 2014, not found in source; number 2026 not found in source
According to a circular issued by the Securities and Exchange Board of India (SEBI) dated October 23, 2026, registered research analysts and research entities are no longer required to mandatorily maintain call recordings of their interactions with clients that are institutional investors. The amendment modifies Regulation 25(1)(vii) of the SEBI (Research Analysts) Regulations, 2014, following representations from market participants and as part of efforts to improve the ease of doing business.
While call recordings are exempted for institutional clients, research analysts must continue to maintain interaction records for other clients, starting from the first interaction until the completion of services. These records must be kept for a period of five years, or until the resolution of any raised disputes, or as desired by SEBI. The provisions of this circular will come into effect from November 8, 2026.
Source
Securities and Exchange Board of India, “Review of regulatory requirement for maintenance of call records of institutional clients by Research Analysts or Research Entities” dated 23 October 2026. Read the original release (PDF).
Summary of an official release for general information only. Not investment advice. Read the original source before acting on any information.
Official RBI, SEBI, Government and Defence updates as they happen.
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