For SEBI-registered Research Analysts in India
Record keeping and retention for SEBI Research Analysts
SEBI expects a Research Analyst to keep its research, its recommendations and its client communication for five years. Aktai keeps those records as you work. Each note you mark as sent is sealed with the time and a fingerprint of its text, each call send is logged per client, and a firm with records on file is never hard-deleted.
Included on: All plans
What it does
- A note marked as sent is sealed: the date, the time and a SHA-256 hash of its text, chained to the note before it.
- Every call send is recorded per client: the exact text, the channel and what happened to it.
- An interaction log per client: inbound WhatsApp and Telegram replies, website enquiries, and the calls and meetings you add, with the recording attached.
- A consent certificate for each signed agreement.
- Records stay for at least five years, and a firm with these records is never hard-deleted.
- Your firm name, SEBI registration number and officer details go on every note sent to a client.
How it works
Work as usual
Write notes, send calls, onboard clients. Nobody keeps a separate register by hand.
Mark the note as sent
The note is sealed with the time and a hash of its text. After that it cannot be edited.
Everything lands on the client
Sends, replies, enquiries, calls you log and consents collect on each client record.
Hand it over
Export the log as CSV or pull the annual audit pack when the auditor asks.
Before and after
| Task | By hand | With Aktai |
|---|---|---|
| Research notes | Word files and PDFs in folders, edited after the fact. | Sealed at send with the time and a hash. |
| Client communication | Spread across phones, inboxes and chat groups. | One log per client, including replies and enquiries. |
| Call recordings | On a phone, if anywhere. | Uploaded to the client log with the call or meeting. |
| Five-year retention | Depends on nobody clearing a laptop. | Kept on servers in India, never hard-deleted while records exist. |
The SEBI rule behind it
- RA Regulations 2014, Reg 25(1)(i) to (iii)
- Keep a record of the research given to clients, with the rationale behind each recommendation.
- RA Regulations 2014, Reg 25(1)(vii), as amended 10 Oct 2026 (in force 9 Nov 2026)
- Keep records of communication, including emails and call recordings, with all clients including prospective clients. Call recordings with institutional investors are not mandatory.
- RA Master Circular (6 Feb 2026), para 1.13
- Records of interactions with clients and prospects are kept from first contact.
- RA Regulations 2014, Reg 25(2)
- Records are kept for at least five years.
Summaries in plain words, not the legal text. SEBI amends its rules and circulars, so check the current version on sebi.gov.in before you rely on any of this. Aktai is the software and the record. Compliance stays with you as the registered Research Analyst. This is not legal advice.
What it does not do
- A seal records when and what. It is a hash, not a digital signature or a notarisation.
- Aktai does not record your phone calls. You upload the recording to the call or meeting you log.
Frequently asked questions
How long does Aktai keep my records?
At least five years, the period in Reg 25(2). A firm that has these records on file cannot be hard-deleted.
Can I edit a note after it is sent?
No. Marking a note as sent seals it with the time and a hash of its text. To correct it, send a new note. Both stay on record.
Does Aktai record my phone calls with clients?
No. You log the call or meeting on the client record and attach the recording yourself.
Where is the data stored?
On servers in Mumbai, India.
Would a change to a sent note show up?
Yes, when the chain is checked. The seal is a hash chained to the note before it, so a change after sending breaks the chain. It is evidence of when and what, not a notarisation.
Related features
Run your research desk on Aktai
Open to SEBI-registered Research Analysts. Pick a plan on the pricing page and sign up online.