Securities and Exchange Board of India (SEBI) vide CIR/HO/MIRSD/MIRSD2/CIR/P/2017/124 dated November 30, 2017, provided its clarification to circular no. CIR/HO/MIRSD/MIRSD2/CIR/P/2017/108 dated September 26, 2017, on Prevention of Unauthorized Trading by Stock Brokers. Brokers are required to maintain the records specified at para 3 of aforementioned circular for a minimum period of 3 years and if SEBI desires that specific records be prepared that such records shall be kept till further intimation by SEBI. In a case where the dispute has been raised, records shall be kept till final resolution of the dispute and the burden of proof will be on the broker to produce the above records for the disputed traders.

In exceptional cases, like technical failures, where brokers fail to produce records broker shall justify with reasons for the same.