SEBI Amends Research Analysts Regulations: Exemption from Maintaining Institutional Client Call Recordings

Last updated: 24 October 2026

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The Securities and Exchange Board of India (SEBI) has amended the Research Analysts Regulations, 2014. This change relaxes the requirement for registered Research Analysts and Research Entities to maintain call recordings of their communications with institutional investors. The amendment aims to improve the ease of doing business, following market participant feedback.

CIRCULAR

HO/38/11/(9)2026-MIRSD-POD/I/24272/2026

October 23, 2026

To,

All registered Research Analysts,
Research Analysts Administration and Supervisory Body (RAASB)

Madam/Sir,

Sub: Review of regulatory requirement for maintenance of call records of institutional clients by Research Analysts or Research Entities

1.Regulation 25(1)(vii) of the Securities and Exchange Board of India (Research Analysts) Regulations, 2014 (RA Regulations), inter-alia, mandates a Research Analyst/ Research Entity (RA/ RE) to maintain records of communication,including call recordings.

2.The SEBI Master Circular for Research Analystsdated February 6, 20261(Master Circular for RAs), provides a consolidation of thedirections/ instructions applicable on RAs/ REs. In particular, paragraph 1.13 of Chapter 1 and paragraph 33 of Annexure I of Chapter VII of the Master Circularfor RAs, inter alia, specifythe requirements pertaining tomaintenance of records, including call recordingsby RAs/ REs.

3.Based on the representations received from the marketparticipants and as a part of SEBI’s ongoing effortsto enhance the ease of doing business,amendment to Regulation 25(1)(vii) of the RA Regulations have been notified, thereby relaxing the requirement upon RAs/ REs to maintain call recordings of communications with clients which areinstitutional investors

FAQ :

The SEBI has amended Regulation 25(1)(vii) to exempt Research Analysts and Research Entities from maintaining call recordings of communications with institutional clients.

All registered Research Analysts and Research Entities are affected by this amendment.

The amendment has been made to enhance the ease of doing business, based on representations received from market participants.

No, this exemption specifically applies to communications with institutional investors.

Previously, Regulation 25(1)(vii) of the RA Regulations mandated Research Analysts/Entities to maintain records of communication, including call recordings.

Notification No : HO/38/11/(9)2026-MIRSD-POD/I/24272/2026
Source : https://www.sebi.gov.in/legal/circulars/oct-2026/review-of-regulatory-requirement-for-maintenance-of-call-records-of-institutional-clients-by-research-analysts-or-research-entities_105400.html

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