The Securities and Exchange Board of India (SEBI) issued Circular HO/38/11/(9)2026-MIRSD-POD/I/24272/2026 on 23 October 2026. It modifies the rules for Research Analysts and Research Entities, making it no longer mandatory to record phone calls with clients who are institutional investors. This change is part of an effort to make doing business easier. The new rules take effect on 8 November 2026.
Key points
- From 8 Nov 2026: Call recordings for institutional investors are not mandatory.
- Other records (emails, SMS, signed documents) must still be kept for all clients.
- Interaction records must generally be maintained for five years.
- RAASB must update its bye-laws and rules to implement these changes.
When it applies
- provisions of this circular shall come into effect
Who it affects
- Research Analysts or Research Entities
Refers to
- Regulation 25(1)(vii) of the Securities and Exchange Board of India (Research Analysts) Regulations, 2014
- SEBI Master Circular for Research Analysts dated February 6, 2026