A new proviso to reg 25(1)(vii) states that maintaining call recordings of communications with clients that are institutional investors is not mandatory.
The regulations come into force on the 30th day from their publication in the gazette.
Document dated Oct. 9, 2026, received from IND SEBI Oct. 12, summarized Oct. 14.
On May 18, IND SEBI proposed easing call-record rules for institutional investors.
IND SEBI proposed amendments to the SEBI (Research Analysts) Regulations, 2014 and the Master Circular for Research Analysts (RAs).
Aims to reduce RAs’ compliance burden through a risk-proportionate approach.
Follows IND SEBI Feb. 2026 issued master circular for research analysts, #176409.
Proposed Changes
The proposal would make call recordings non-mandatory for RAs’ communications with institutional investor clients.
RAs would still need to maintain other specified interaction records for institutional investor clients, such as signed physical records, emails, SMS records, and other legally verifiable records.
The proposed relaxation would not apply to retail clients; RAs would continue to maintain all required records, including call recordings, for retail-client interactions.
IND SEBI also proposes to define “institutional investor” by reference to the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.
A new proviso to reg 25(1)(vii) states that maintaining call recordings of communications with clients that are institutional investors is not mandatory.
The regulations come into force on the 30th day from their publication in the gazette.
Document dated Oct. 9, 2026, received from IND SEBI Oct. 12, summarized Oct. 14.
Regulators
IND SEBI
Entity Types
B/D; IA
Reference
OG SEBI/LAD-NRO/GN/2026/321 10/9/2026; OG, Nt SEBI/LAD-NRO/GN/2026/321, 10/8/2026; CP 5/18/2026
Functions
Compliance; Legal; Operations; Record Retention; Research
