What happened
The Securities and Exchange Board of India (SEBI) issued a circular on 23 October 2026 titled “Review of regulatory requirement for maintenance of call records of institutional clients by Research Analysts or Research Entities”. The circular number is HO/38/11/(9)2026-MIRSD-POD/I/24272/2026.
As the title indicates, the circular looks again at the rule on keeping records of calls between research analysts, or research entities, and their institutional clients. Institutional clients are large investors such as funds and other organisations, as opposed to individual retail investors.
What it means for you
The circular concerns how research firms keep their records. If you are an individual investor, it does not change how you buy or sell securities. If you work at a research analyst or research entity that serves institutional clients, you should read the full circular on the SEBI website to see exactly what applies to your firm.
Background
SEBI registers and regulates research analysts, who publish views and recommendations on securities. Record-keeping requirements let the regulator check how research is shared with clients. This circular is part of SEBI’s ongoing review of those requirements for institutional clients.
For other recent regulatory moves, see our coverage of SEBI’s circular on margin waiver after early pay-in and SEBI’s caution on stock tips in WhatsApp groups.
