Record retention obligations require brokers to preserve client order evidence and permit alternative proof when records are unavailable. Brokers must retain evidence of client order placement, including telephone recordings for phone instructions, and preserve those records for the minimum arbitration period and until dispute resolution where disputes arise. SEBI may require specific records to be kept longer. The burden of proof to produce records for disputed trades lies with the broker, but in exceptional cases where records cannot be produced the broker may justify non-production and alternative evidence such as post-trade confirmations or receipts/payments may be considered. Stock exchanges must notify brokers, amend governance rules, publish the circular, and report implementation to SEBI.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Record retention obligations require brokers to preserve client order evidence and permit alternative proof when records are unavailable.
Brokers must retain evidence of client order placement, including telephone recordings for phone instructions, and preserve those records for the minimum arbitration period and until dispute resolution where disputes arise. SEBI may require specific records to be kept longer. The burden of proof to produce records for disputed trades lies with the broker, but in exceptional cases where records cannot be produced the broker may justify non-production and alternative evidence such as post-trade confirmations or receipts/payments may be considered. Stock exchanges must notify brokers, amend governance rules, publish the circular, and report implementation to SEBI.
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