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 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):