Sebi move on record keeping 'impractical': Stockbrokers' body

Brokers have been asked to execute trades of clients only after keeping evidence of the client placing such an order

A grouping of stockbrokers has termed Sebi’s directive of compulsorily keeping records of telephonic communications with clients as “not practical” since that would be difficult in terms of identification and retrieval.

Voicing concerns over the directive, the Association of National Exchanges Members of India (ANMI), in a letter to Sebi, also said monitoring of communications with clients would be difficult as multiple modes, including mobile phones and WhatsApp messenger, are used for placing orders.

“Telephone recording is very difficult to have at every dealer’s terminals, with accuracy of voice identification and also retrieval at the time of need,” the letter stated.

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