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Informist, Monday, May 18, 2026

 

MUMBAI – The Securities and Exchange Board of India proposes to remove the mandatory requirement for research analysts to store call recordings of clients who are institutional investors. Research analysts will be required to continue to keep call recordings of retail clients. Further, the rules related to maintaining records in the form of physical documents, emails, and SMS messages will remain unchanged.

 

Research analysts are required to store clients' records for five years and in case of disputes, these records should be kept until any directions from SEBI. This has been followed to protect the interest of investors by facilitating supervisory oversight, the regulator said in the consultation paper.

 

Considering that institutional investors already have adequate knowledge to evaluate investment opportunities, SEBI did not find it necessary to make the requirement to maintain call records mandatory for institutional clients of research analysts. "As compared to retail investors, institutional investors are more likely to be aware about their legal rights and the regulatory mechanisms available to protect their rights," the consultation paper said.

 

SEBI floated the consultation paper after suggestions from the Industry Standard Forum for Research Analysts. For these changes, SEBI proposed amending the Securities and Exchange Board of India (Research Analysts) Regulations, 2014, and the master circular for research analysts. The public can give their comments on the consultation paper by Jun. 8.  End

 

Reported by Anshul Choudhary

Edited by Saji George Titus

 

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