India’s markets regulator will allow research analysts to document institutional investor discussions through emails, messages or other verifiable records, easing compliance from 8 November 2026.
India’s markets regulator has eased a compliance rule for research analysts, removing the mandatory requirement to keep call recordings of discussions with institutional investors. The Securities and Exchange Board of India said the change is meant to reduce the regulatory load on analysts while preserving oversight through other forms of documentation. The revised framework will take effect on November 8, 2026.
According to SEBI, research analysts and research entities must still keep records of interactions with clients and potential clients whenever those conversations relate to their services. Those records can take several forms, including signed paper documents, emails sent from registered addresses, SMS messages, call recordings or any other legally verifiable record. SEBI also made clear that recordings are not required when communications already leave a digital trail, such as through email.
The regulator said the obligation to retain evidence of client dealings remains in place before a client is even onboarded, underlining that transparency and accountability still sit at the centre of the rulebook. The records must generally be kept for five years, although they must be retained for longer if a dispute arises or if SEBI specifically directs that they be preserved. Reuters reported that the board had approved the proposal last month, paving the way for Friday’s circular.
For research firms, especially smaller ones, the move is likely to bring some operational flexibility by cutting back on a rigid recording requirement without eliminating the paper trail regulators want to see. Other reports on the circular said the change was designed to lower compliance costs and simplify workflows, while still allowing SEBI to monitor dealings through alternative records that can be verified if needed.
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