As of November 8, 2026, SEBI has made call recording optional for research analysts interacting with institutional clients, while maintaining other recordkeeping obligations under RA (Research Analysts) Regulations.
SEBI Relaxes Call Recording for Research Analysts
SEBI has revised its regulatory stance on communication monitoring by making call recordings optional for research analysts (RAs) when dealing with institutional clients. The change, effective November 8, 2026, applies under the SEBI (Research Analysts) Regulations, 2014, and reflects a risk-based approach to compliance burdens for sophisticated market participants.
While recording is no longer mandatory, RAs must continue maintaining records of all research-related communications, including emails, written reports, and summaries of oral interactions. SEBI emphasized that the obligation to ensure research integrity, avoid conflicts of interest, and prevent misuse of unpublished price sensitive information (UPSI) remains unchanged. Firms must also retain audit trails and internal compliance approvals for research dissemination.
Practical Implication: This relaxation reduces operational costs and data privacy challenges for RAs. However, robust internal controls must be maintained to meet SEBI’s expectations on transparency and evidentiary support during investigations or audits.
Citations
- SEBI (Research Analysts) Regulations, 2014