SEBI Proposes Call Recording Relaxation for Research Analysts

  • Blog|News|Company Law|
  • 2 Min Read
  • By Taxmann
  • |
  • Last Updated on 20 May, 2026

Latest from Taxmann

research analysts call recording relaxation

Consultation Paper dated 18.05.2026

The Securities and Exchange Board of India (SEBI) has proposed amendments to the SEBI (Research Analysts) Regulations, 2014 to exempt Research Analysts (RAs) from the mandatory requirement of maintaining call recordings for interactions with institutional investors.

The proposal aims to reduce compliance burden while recognising the sophistication and risk assessment capabilities of institutional market participants.

1. Proposed Exemption From Call Recording Requirement

Under the proposal, Research Analysts would no longer be required to maintain audio recordings of calls or conversations conducted with institutional investors.

The proposed relaxation applies specifically to interactions involving institutional investors and is intended to rationalise record-keeping obligations for Research Analysts.

2. Recognition of Institutional Investors as Sophisticated Participants

SEBI has acknowledged that institutional investors are sophisticated and informed market participants with the ability to independently assess:

  • Research-related risks
  • Investment recommendations
  • Market information and disclosures

On this basis, the regulator has proposed a differentiated compliance framework for interactions with such entities.

3. Other Record-Keeping Requirements to Continue

Although exemption from call recording has been proposed, Research Analysts will continue to be required to maintain other communication records for regulatory and compliance purposes.

Such records shall include:

  • Emails
  • SMS communications
  • Legally verifiable electronic communications
  • Other relevant interaction records

These records must be preserved for a period of five years in accordance with the regulatory framework.

4. Objective of the Proposal

The proposed amendment seeks to ease compliance obligations for Research Analysts while maintaining adequate regulatory oversight and audit trails through alternative communication records.

The move is intended to balance operational efficiency with investor protection and compliance requirements under the SEBI (Research Analysts) Regulations, 2014.

Click Here To Read The Full Update

Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.

Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.

The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:

  • The statutory material is obtained only from the authorized and reliable sources
  • All the latest developments in the judicial and legislative fields are covered
  • Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
  • Every content published by Taxmann is complete, accurate and lucid
  • All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
  • The golden rules of grammar, style and consistency are thoroughly followed
  • Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied

Leave a Reply

Your email address will not be published. Required fields are marked *

«
»

Everything on Tax and Corporate Laws of India

To subscribe to our weekly newsletter please log in/register on Taxmann.com

Author: Taxmann

Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.

The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:

  • The statutory material is obtained only from the authorized and reliable sources
  • All the latest developments in the judicial and legislative fields are covered
  • Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
  • Every content published by Taxmann is complete, accurate and lucid
  • All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
  • The golden rules of grammar, style and consistency are thoroughly followed
  • Font and size that's easy to read and remain consistent across all imprint and digital publications are applied