Mumbai, Maharashtra: The Securities and Exchange Board of India (SEBI) has announced a significant change for research analysts. From November 8, 2026, research analysts and entities will no longer be mandated to record calls with institutional investors.
This move aims to streamline operations while still ensuring accountability.
While call recordings with institutional clients are no longer compulsory, SEBI emphasizes that the broader requirement to maintain detailed records of all client interactions remains in force. This is crucial for addressing potential client grievances related to research services. The regulator clarified that if interactions occur via channels like email, where a digital footprint already exists, separate call recordings are not needed.
These record-keeping rules apply to all clients, whether they pay directly for research or receive it as part of other paid services. Records must be kept from the first interaction until the research service is complete and preserved for five years. In case of a dispute, records must be held until resolution, or as long as SEBI deems necessary.
SEBI has instructed the Research Analysts Administration and Supervisory Body (RAASB) to update its rules and inform all registered research analysts about these revised norms, publishing them on their website. This adjustment reflects a practical approach to regulation, balancing compliance with operational efficiency for market participants.