SEBI has made call recordings optional for research analysts interacting with institutional clients effective 8 November 2026. Other recordkeeping obligations under PIT and research regulations remain in force.
SEBI Relaxes Call Recording Mandate for Institutional Clients
SEBI issued revised guidelines on 2 November 2026, making audio recording of telephone conversations optional for research analysts when communicating with institutional clients. The relaxation, effective from 8 November 2026, aims to reduce compliance burden while preserving core transparency safeguards under the SEBI (Prohibition of Insider Trading) Regulations, 2015, and Research Analyst Guidelines.
Analysts must still maintain written records of key discussion points, including recommendations, rationale, and disclaimers, as per existing norms. The decision applies only to institutional investors defined under SEBI regulations; client-specific consent and data privacy laws continue to govern any recordings voluntarily retained.
Compliance teams should update internal policies and training modules to reflect this change. Legal practitioners must ensure alternate audit trails are robust to demonstrate compliance in the event of regulatory inquiries or insider trading investigations.