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

Early messages can establish what was offered, asked or represented before a relationship began. Keeping that context reduces the risk that a later record starts halfway through the story. The precise scope still follows the applicable directions; an educational explanation should not invent an unlimited duty covering every unrelated social conversation.

A simple example

A hypothetical prospect first asks about the research service by email and later subscribes. Retaining only the final invoice may omit the earlier representations and questions. A dated interaction trail helps distinguish the offer, acceptance and service actually delivered.

What to check

  • Identify service-related first contact.
  • Link later records to the same relationship.
  • Do not substitute an invoice for the communication history.

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.