SEBI drops call recording for institutional clients, not retail investors

Markets No. 100 27 October 2026 · 1 min read · By Pranami Hayaran

From 8 November, research analysts no longer need to record calls with institutional clients. SEBI’s circular of 23 October 2026 makes this change. Calls with individual investors must still be recorded and kept for 5 years.

Research analysts are people or firms paid to research stocks or recommend whether to buy, sell or hold them. Since 16 December 2024, they have had to record calls with all clients.

The exemption covers qualified institutional buyers, such as mutual funds and insurers, family trusts, and SEBI-registered firms with a net worth above ₹500 crore. Analysts must still keep their emails, SMS and signed notes. Only call recordings are exempt.

The change follows requests from the analysts’ industry forum. In May 2026, SEBI proposed dropping the recording requirement for institutions, arguing they are more likely to know their rights and how to complain.

There is a catch. SEBI’s own rules say call recordings help protect investors and supervise analysts. Yet from November, an analyst must keep a retail investor’s call on record for 5 years, while a call with a mutual fund need not be recorded at all.

A table comparing individual and institutional clients of research analysts: who they are, whether calls must be recorded, other records, how long records are kept and SEBI's reason.

A timeline of 5 dates from December 2024 to November 2026, from the rule covering all clients to its end for institutional clients, with February and May 2026 marked.

Sources