Summary: The Securities and Exchange Board of India (SEBI) has notified the Securities and Exchange Board of India (Research Analysts) (Amendment) Regulations, 2026, through Notification No. SEBI/LAD-NRO/GN/2026/321 dated 8 October 2026, introducing a targeted relaxation in the record-maintenance obligations of research analysts and research entities. The amendment modifies the SEBI (Research Analysts) Regulations, 2014, particularly Regulation 25(1), which governs the maintenance of records relating to communications with clients. The amended provisions come into force on the thirtieth day from publication in the Official Gazette, rather than immediately upon notification.
The principal change is that maintaining call recordings of communications with clients who qualify as institutional investors will no longer be mandatory. To identify the beneficiaries of this relaxation, SEBI has inserted a new clause 2(1)(ia), defining “institutional investor” by reference to Regulation 2(1)(y) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. This cross-reference provides a regulatory definition for determining the institutional clients covered by the exemption.
The amendment also modifies Regulation 25(1)(vii) by removing the expression “etc.” and replacing the semicolon with a colon before inserting the new proviso. The relaxation is specifically confined to call recordings involving institutional investors. It does not expressly remove other applicable record-maintenance obligations or extend the exemption to retail clients. Consequently, research analysts and research entities must distinguish institutional investors from other clients when implementing the revised compliance requirements.
The notification follows SEBI’s earlier consultation on relaxing call-recording requirements for institutional clients and the subsequent SEBI Board approval of the proposed relaxation. The measure reduces a specific documentation requirement for institutional-client communications while retaining the broader regulatory framework governing research analysts. The notification also records that the principal 2014 regulations were last amended on 25 November 2025 through Notification No. SEBI/LAD-NRO/GN/2025/277.
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 8th October, 2026
Securities And Exchange Board of India (Research Analysts) (Amendment) Regulations, 2026
F. No. SEBI/LAD-NRO/GN/2026/321.— In exercise of the powers conferred by sub-section (1) of section 30 read with clause (b) of sub-section (2) of section 11 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to further amend the Securities and Exchange Board of India (Research Analysts) Regulations, 2014, namely: —–
1. These Regulations may be called the Securities and Exchange Board of India (Research Analysts) (Amendment) Regulations, 2026.
2. They shall come into force on the thirtieth day from the date of their publication in the Official Gazette.
3. In the Securities and Exchange Board of India (Research Analysts) Regulations, 2014, –
I. after clause 2(1)(i), the following clause shall be inserted, namely–“(ia) “institutional investor” shall have the same meaning as assigned to it in clause (y) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018;”
II. in sub-regulation 25(1)-
a. in clause (vii),
i. the word and symbol “etc.” shall be omitted;
ii. the symbol “;” shall be substituted with the symbol “:”;
b. after clause (vii), the following proviso shall be inserted, namely,
“Provided that the requirement to maintain call recordings of communications with clients which are institutional investors shall not be mandatory.”
AMIT PRADHAN, Executive Director
[ADVT.-III/4/Exty./376/2026-27]
Note: The Securities and Exchange Board of India (Research Analysts) Regulations, 2014 were published in the Gazette of India on September 01, 2014 vide No. SEBI/LAD-NRO/GN/2014-15/07/1414 and were last amended on November 25, 2025 by the Securities and Exchange Board of India (Research Analysts) (Second Amendment) Regulations, 2025 vide notification no. SEBI/LAD-NRO/GN/2025/277.
