Description

NSE forwards SEBI circular prescribing a uniform 30-day time lag for both sharing and usage of market price data for educational purposes, replacing the earlier 1-day sharing lag and 3-month usage lag. NISM is granted a special exemption with a 1-day lag for its simulation lab.

Summary

NSE has forwarded SEBI Circular No. HO/47/17/12(11)2025-MRD-POD3/I/11107/2026 dated May 08, 2026, which revises the norms for sharing and usage of market price data for educational purposes. The key change is the introduction of a uniform 30-day time lag for both the sharing and usage of price data for educational activities, consolidating and replacing the previously inconsistent lag periods. NISM is granted a special carve-out allowing access to market price data with only a 1-day lag for use in its simulation lab.

Key Points

  • A uniform 30-day lag now applies to both sharing and usage of market price data for educational and awareness activities.
  • Replaces the prior framework where sharing had a 1-day lag (May 24, 2024 circular) and usage had a 3-month lag (January 29, 2025 circular).
  • NISM is exempt: As a SEBI capacity-building initiative, NISM may access market price data with a 1-day lag exclusively for use in its simulation lab.
  • The 30-day lag was determined based on stakeholder feedback: the 1-day lag was considered too short (risk of misuse) and the 3-month lag was considered too long for educational utility.
  • All members and market participants are required to take note and comply.

Regulatory Changes

  • Modified: Paragraphs 2(iii) & 2(iv) of SEBI Circular No. SEBI/HO/MRD/MRD-PoD-3/P/CIR/2024/56 dated May 24, 2024 (“Norms for sharing of real time price data to third parties”) — sharing lag changed from 1 day to 30 days.
  • Modified: SEBI Circular No. SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2025/11 dated January 29, 2025 — usage lag for entities solely engaged in education changed from 3 months to 30 days.
  • New unified standard: 30-day lag applies to both sharing by MIIs/intermediaries and usage by educational entities.

Compliance Requirements

  • Market Infrastructure Institutions (MIIs) — Stock Exchanges, Clearing Corporations, Depositories — must ensure price data shared for educational/awareness purposes is subject to a minimum 30-day lag.
  • Registered Market Intermediaries must not share price data for educational purposes with a lag shorter than 30 days.
  • Entities solely engaged in education must not use price data that is less than 30 days old.
  • No monetary incentives may be offered to participants in educational/awareness activities using shared price data.
  • NISM may use market price data with a 1-day lag strictly for its simulation lab operations.

Important Dates

  • May 08, 2026: SEBI circular issued (HO/47/17/12(11)2025-MRD-POD3/I/11107/2026).
  • May 11, 2026: NSE circular issued forwarding the SEBI directive to all members.
  • Prior circulars modified: SEBI circular dated May 24, 2024 and SEBI circular dated January 29, 2025.

Impact Assessment

This circular has a medium impact on market participants involved in data sharing and educational content. Data vendors, EdTech platforms, and financial education entities that rely on near-real-time market data for courses, simulations, or awareness programs must update their data usage policies to respect the 30-day lag. For most genuine educational use cases, 30-day-old data remains pedagogically relevant, limiting operational disruption. The change reduces the risk of price data misuse under the guise of education. NISM’s special 1-day access exemption preserves the quality of SEBI-mandated certification training and simulation programs without affecting the broader regulatory framework.

Impact Justification

Regulatory change affecting data sharing norms for all market intermediaries and educational entities; no direct trading or listing impact but requires compliance adjustment from data vendors, exchanges, and educational institutions using market price data.