Explained on 26 October 2026. This is an educational answer drawn from the dated article below; examples are hypothetical unless a specific source observation is identified.
How it works
A narrower exemption should not be rewritten as “research analysts no longer need records.” The remaining requirements concern the documented relationship and interactions through the service period. A firm should identify which duty changed and which duties continue, using the original circular rather than a shortened headline.
A simple example
A hypothetical institutional research call may fall within the audio-recording exemption, while the associated written correspondence and research delivery remain relevant records. This illustration does not determine a firm’s full compliance position or extend the exemption to every retail interaction.
What to check
- Confirm the client category and the applicable requirement.
- Read the effective date, not only the issue date.
- Keep continuing record duties visible.
Read the full event and evidence
SEBI’s Institutional Call-Recording Exemption: Less Audio Does Not Mean No Records explains the original event, its dates and the supporting documents. Event context: 23 October 2026 circular; effective 8 November 2026.