Are you ready for the legal compliance for voice recordings as per Latest SEBI regulations?
Call recording for legal compliance
Trading floors and businesses that regularly communicate with customers, clients, and partners, must be aware of the risk associated with every interaction. Many businesses are legally required to monitor these interactions as a means of managing risk and liability. Businesses must adhere to standards set by private companies and self-regulatory groups that monitor the protection of personal data. Monitoring the high volume of interactions that take place on a daily basis is a challenge, especially for businesses that operate large or multi-site contact centers. In order to maintain compliance with the numerous legal and internal requirements, these businesses must implement total call recording solutions that can effectively capture, store, monitor, and find their most critical interactions.

  • Does your regulator recommend call recording?
  • Do you make verbal contracts over the phone?
  • Can your traders verify price and volume information before submitting a transaction?
  • How do you settle customer complaints and disputes?
  • Are your recordings secured and well protected?

 

Legal compliance for the Stock Broking Industry
Legislation in many countries and states mandate call recording for banks, insurance companies, trading houses and other financial institutions. In the banking world our customers barely touch the recording system; it silently does its work and is used to settle special cases. Reliability of the solution is crucial to ensure all calls are available when needed. Our largest deployed banking system steadily records 20,000 calls per day, and provides online search capabilities for 5 years of historical call records and media.

Financial regulations
Financial regulation laws in India require that over-the-phone finance related activities are documented by means of phone call recording.
The following regulation example is from a September 26, 2017 document by SEBI Titled : Prevention of Unauthorised Trading by Stock Brokers (download the full document):

Recording telephone conversations at a broker’s desk
To further strengthen regulatory provisions against un-authorized trades and also to harmonise the requirements across markets, it has now been decided that all brokers shall execute trades of clients only after keeping evidence of the client placing such order, it could be, inter alia, in the form of:

a. Physical record written & signed by client,
b. Telephone recording,
c. Email from authorized email id,
d. Log for internet transactions,
e. Record of SMS messages,
f. Any other legally verifiable record.

When dispute arises, the burden of proof will be on the broker to produce the above records for the disputed trades.
Further, wherever the order instructions are received from clients through the telephone, the stock broker shall mandatorily use telephone recording system to record the instructions and maintain telephone recordings as part of its records.

This is How Aniceya Voice Recording solution complies with latest Sebi Order
Aniceya Voice Recording System provides a complete solution for legal compliance.

  • Silent and full-time recording of any selected phone lines without any user interaction.
  • Complete, timestamped and digitally secured repository with call information and media.
  • Fine-grained access control solution that can enforce any internal security policies.
  • Efficient long term archiving solution with fast search capability.
  • No-touch, automated data retention policies for archiving and disposal of recorded media.
  • Comprehensive audit traces of all activities in the recording system from configuration to playback.

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