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.

SEBI has revised the norms for sharing and usage of market price data for educational purposes. The earlier framework prescribed a one-day lag for sharing (Circular dated May 24, 2024) and a three-month lag for usage (Circular dated January 29, 2025). Based on stakeholder feedback and public consultation, SEBI has now unified both sharing and usage lags to 30 days. An exception is made for the National Institute of Securities Markets (NISM), which may access price data with a one-day lag exclusively for use in its simulation lab.

Key Points

• The time lag for sharing market price data for educational and awareness activities is revised to 30 days (from 1 day).
• The time lag for usage of price data for sole educational purposes is revised to 30 days (from 3 months).
• NISM is granted a special exception: it may receive price data with a one-day lag for use in its simulation lab only.
• MIIs and market intermediaries must enter into legal agreements with entities receiving data for educational purposes.
• Legal agreements must include provisions to prevent misuse and maintain an audit trail for data usage.
• Modifies Paragraphs 2(iii) & 2(iv) of SEBI Circular SEBI/HO/MRD/MRD-PoD-3/P/CIR/2024/56 dated May 24, 2024.
• Also modifies Question No. 8 of the FAQ in Annexure-A of the January 29, 2025 circular.

Regulatory Changes

• Previous framework: 1-day lag for sharing (May 2024 circular); 3-month lag for usage by purely educational entities (January 2025 circular).
• Revised framework: A single unified 30-day lag applies to both sharing and usage of price data for educational purposes.
• NISM exception: NISM retains access with a 1-day lag, limited to simulation lab purposes.
• Paragraphs 2(iii) and 2(iv) of the May 24, 2024 circular are formally amended.
• Relevant FAQ provisions of the January 29, 2025 circular are also amended.

Compliance Requirements

• Market Infrastructure Institutions (MIIs): Stock Exchanges, Clearing Corporations, and Depositories must update data-sharing arrangements to reflect the 30-day lag for educational purposes.
• Registered Market Intermediaries: Must comply with the 30-day lag when sharing price data for educational activities.
• Legal Agreements: All entities sharing price data for educational purposes must execute appropriate legal agreements that include anti-misuse provisions and audit trail requirements.
• NISM Data Sharing: MIIs/intermediaries sharing data with NISM for simulation lab use must ensure usage is restricted to that purpose and formalised via legal agreement.
• BSE (IAASB/RAASB): Addressed as a supervisory body; must ensure Investment Advisers and Research Analysts under its purview comply with the revised norms.

Important Dates

• Circular Date: May 08, 2026
• Reference Circular 1: SEBI/HO/MRD/MRD-PoD-3/P/CIR/2024/56 dated May 24, 2024 (amended)
• Reference Circular 2: SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2025/11 dated January 29, 2025 (amended)
• Effective date of the revised norms is not separately specified; the circular is effective as issued on May 08, 2026.

Impact Assessment

• Educational Institutions & Fintech Platforms: The reduction of the usage lag from 3 months to 30 days is a significant relaxation, making price data more current and useful for genuine educational applications.
• MIIs and Intermediaries: The increase in the sharing lag from 1 day to 30 days reduces the risk of misuse of near-real-time data under the guise of education, but requires updating existing data-sharing agreements.
• NISM: Gains a clear regulatory basis for one-day lag access, supporting its simulation-based training programmes.
• Investor Education: More timely data (30-day vs. 3-month lag) enhances the quality of investor education content without compromising market integrity.
• Compliance Overhead: Entities must review and potentially renegotiate legal agreements with educational data recipients to incorporate audit trail and anti-misuse clauses.

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.