The paper proposes relaxation in the requirement for Research Analysts (RAs) to maintain call recordings for interactions with institutional investors. It propose that RAs may be exempted from mandatory maintenance of call recordings for institutional investors while continuing to maintain other interaction records such as emails, SMS records, and legally verifiable communications. It also introduces a definition of ‘institutional investor’ by linking it to the SEBI ICDR Regulations 2018. The feedback/comments from stakeholders are invited.