Record retention obligations require research analysts to preserve signed research and client records; annual audit and digital signatures required. Regulation 25 requires research analysts and research entities to maintain specified records-signed and dated research reports, recommendations and their rationale, public appearance records, KYC for fee-paying clients, a client register with PAN and service details, communications including emails and call recordings, and disclosed terms and client consent. Records may be physical or electronic; electronically signed records must be digitally signed. All records must be preserved for a minimum period of five years and an annual compliance audit by a qualified member of specified professional institutes must be conducted with the audit report submitted as specified by the Board.