Description
ICCL advises BSE members of SEBI circular HO/47/17/12(11)2025-MRD-POD3/I/11107/2026 dated May 08, 2026, establishing norms for sharing and usage of price data for educational purposes.
Summary
The Indian Clearing Corporation Limited (ICCL) has issued a notice to all BSE members forwarding SEBI Circular no. HO/47/17/12(11)2025-MRD-POD3/I/11107/2026 dated May 08, 2026. The circular establishes norms governing the sharing and usage of price data specifically for educational purposes. Members are advised to take note of the enclosed SEBI circular (Annexure 1).
Key Points
- ICCL is forwarding SEBI Circular no. HO/47/17/12(11)2025-MRD-POD3/I/11107/2026 dated May 08, 2026 to all members
- The circular addresses norms for sharing and usage of market price data in educational contexts
- The SEBI circular is enclosed as Annexure 1 for member reference
- Notice issued under the Settlement/RMS category, General segment, by the ICCL department
- Signed by Anita Bhatia, Chief Regulatory and Compliance Officer, ICCL
Regulatory Changes
SEBI has issued guidelines (Circular no. HO/47/17/12(11)2025-MRD-POD3/I/11107/2026, dated May 08, 2026) specifying the permissible norms under which market price data may be shared and used for educational purposes. The full details of these norms are contained in the attached Annexure 1 (the SEBI circular).
Compliance Requirements
- All BSE members are required to take note of the SEBI circular dated May 08, 2026 on this subject
- Members must adhere to the norms specified therein when sharing or using price data for educational purposes
- The enclosed Annexure 1 (SEBI circular) should be reviewed for specific obligations and permissible use cases
Important Dates
- SEBI Circular Date: May 08, 2026
- BSE/ICCL Notice Date: May 13, 2026
- Effective date for compliance with norms: Refer to Annexure 1 (SEBI circular) for specific timelines
Impact Assessment
This circular has moderate operational impact on BSE members, particularly those involved in data dissemination, financial education platforms, and academic partnerships. Members sharing historical or real-time price data for educational use must align their practices with the SEBI-prescribed norms. There is no direct impact on trading operations or market structure. Non-compliance with the prescribed norms could attract regulatory action.
Impact Justification
This is a regulatory compliance notice forwarding a SEBI circular on data sharing norms. It affects members who deal with price data for educational use but does not introduce immediate trading or market-structure changes.