Can I send a trading call on WhatsApp without writing a research report?
In force
No. Every research service you provide must be backed by a research report that contains the data and analysis behind it, and you must keep that report on record.
A bare tip, a one-line call or a forwarded message is not compliant unless a supporting report exists behind it.
SEBI has answered the technical-analysis version of this directly. A chart with a time stamp on it is not a rationale. You need an adequate documentary basis, supported by research, and the recommendation has to be corroborated by relevant data and analysis.
Regulation 18(7) states the same duty from the other side: you must have the documentary basis before you publish.
This is the rule most small practices fail on, because the call goes out on a messaging app and nothing is written down.
What SEBI says, word for word
Master Circular, ¶1.8(a)“research services provided by RA or research entity shall be corroborated by research report containing the relevant data and analysis forming the basis for such research service. RA or research entity shall maintain record of such research report.”Source: SEBI Master Circular No. HO/38/12/11(1)2026-MIRSD-POD/I/4360/2026, dated February 6, 2026, originally SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2025/004 dated January 8, 2025 Open document ↗
FAQ Circular, Q36“They are required to have adequate documentary basis, supported by research, for preparing a research report and shall ensure that recommendations in the research report are corroborated by relevant data and analysis forming the basis for such research service.”Source: SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/105, dated July 23, 2025 Open document ↗
Regulation 18(7)“Research analyst or research entity shall have adequate documentary basis, supported by research, for preparing a research report.”Source: SEBI (Research Analysts) Regulations, 2014 — Regulation 18(7) Open document ↗