Institutional client call-recording exemption lets research analysts retain alternative verifiable interaction records while maintaining broader clien...
Article 21 safeguards against punitive money-laundering detention when trial delay makes continued custody constitutionally disproportionate despite s...
Research Analysts and Research Entities need not maintain call...
Institutional client call-recording exemption lets research analysts retain alternative verifiable interaction records while maintaining broader client-record obligations.
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Research Analysts and Research Entities need not maintain call recordings of interactions with institutional-investor clients. They must nevertheless maintain legally verifiable records of service-related interactions with all clients and prospective clients, including fee-paying and non-fee-paying clients, from first contact until completion of research services. Permitted records include signed physical records, call recordings, registered-email communications, SMS records and other legally verifiable evidence; call recordings are also unnecessary where email or another medium provides a digital footprint. KYC procedures and records remain required for fee-paying clients. Interaction records must be retained for five years, or longer until dispute resolution or as required by SEBI. The changes apply from November 8, 2026.
Research Analysts and Research Entities need not maintain call recordings of interactions with institutional-investor clients. They must nevertheless maintain legally verifiable records of service-related interactions with all clients and prospective clients, including fee-paying and non-fee-paying clients, from first contact until completion of research services. Permitted records include signed physical records, call recordings, registered-email communications, SMS records and other legally verifiable evidence; call recordings are also unnecessary where email or another medium provides a digital footprint. KYC procedures and records remain required for fee-paying clients. Interaction records must be retained for five years, or longer until dispute resolution or as required by SEBI. The changes apply from November 8, 2026.
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