Description

SEBI revises the time lag for sharing and usage of market price data for educational purposes to 30 days, while granting NISM special access with a one-day lag for its simulation lab.

Summary

SEBI has revised the norms for sharing and usage of market price data for educational purposes. The earlier framework had conflicting timelines — a one-day lag for sharing (SEBI Circular May 24, 2024) and a three-month lag for usage (SEBI Circular January 29, 2025). Following stakeholder feedback and public consultation, both sharing and usage of price data for educational purposes are now uniformly subject to a 30-day lag. An exception is made for NISM, which may access market price data with a one-day lag specifically for use in its simulation lab.

Key Points

  • The time lag for sharing and usage of price data for educational purposes is unified at 30 days.
  • Previously, sharing had a one-day lag and usage had a three-month lag — these conflicting provisions are now resolved.
  • NISM (National Institute of Securities Markets) is granted a special exemption: one-day lag access for its simulation lab only.
  • Legal agreements must be executed between data providers and recipients to prevent misuse and ensure audit trail maintenance.
  • MIIs and market intermediaries must exercise due diligence when sharing price data.
  • No monetary incentive may be offered to participants in investor education and awareness activities that use price data.

Regulatory Changes

  • SEBI Circular SEBI/HO/MRD/MRD-PoD-3/P/CIR/2024/56 dated May 24, 2024 (Paragraphs 2(iii) & 2(iv)): Modified to replace the one-day lag for educational sharing with a 30-day lag, and to introduce the NISM one-day lag exception.
  • SEBI Circular SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2025/11 dated January 29, 2025: Modified to replace the three-month usage lag for entities solely engaged in education with the unified 30-day lag.
  • The NSE circular references SEBI circular HO/47/17/12(11)2025-MRD-POD3/I/11107/2026 dated May 08, 2026, which implements these changes.

Compliance Requirements

  • All Recognized Stock Exchanges, Clearing Corporations, Depositories, and Registered Intermediaries must update their data-sharing practices to enforce the 30-day lag.
  • Entities sharing price data for educational purposes must enter into appropriate legal agreements with recipients, covering misuse prevention and audit trail maintenance.
  • NISM must be granted one-day lag access if requested for simulation lab use.
  • No monetary incentives may be offered to participants in educational activities using price data.

Important Dates

  • May 08, 2026: Date of SEBI circular implementing the revised norms.
  • Effective immediately upon issuance unless otherwise specified by the exchanges in their own implementation circulars.

Impact Assessment

This circular primarily affects market infrastructure institutions (stock exchanges, clearing corporations, depositories) and registered market intermediaries that share price data with educational entities. The harmonization of sharing and usage lags to 30 days simplifies compliance by eliminating the previous two-tier structure. EdTech firms, investment advisers, and research analysts using market price data for training or awareness content must now ensure a minimum 30-day delay. NISM benefits from continued near-real-time access for its simulation activities, supporting SEBI’s capacity-building mandate. The change reduces potential for misuse compared to the one-day lag, while being more practical for educational content creators than the previous three-month restriction.

Impact Justification

Affects all market infrastructure institutions and registered intermediaries regarding how they share price data for educational purposes; revises previously conflicting norms into a unified 30-day lag, with a narrow NISM exemption.