The Securities and Exchange Board of India has revised its norms on educational use of market price data, setting a uniform 30 day lag for both the sharing and the use of such data for investor education and awareness activities. The change modifies earlier rules that allowed sharing with a one day lag and, separately, limited sole educational use to data at least three months old. It also creates an exception for the National Institute of Securities Markets, which may access market price data with a one day lag for use in its simulation lab. The updated provisions apply to market infrastructure institutions, including stock exchanges, clearing corporations and depositories, and to registered market intermediaries. Market price data may be shared for investor education and awareness only without offering monetary incentives to participants, and sharing entities must carry out due diligence and enter into legal agreements that prevent misuse and require an audit trail for data usage. The revised FAQ also states that a person engaged solely in education must not use market price data from the preceding 30 days to speak about or display the name or code name of a security in talks, videos, tickers or screen shares while indicating a future price, advice or recommendation. SEBI said the revision follows stakeholder feedback and public consultation that the earlier one day sharing lag was too short and the three month usage lag was too long for educational purposes. The changes take effect from July 01, 2026. Market infrastructure institutions have been told to put in place the necessary systems, amend bye laws, rules and regulations where required, and notify market participants and investors through their websites.
Securities & Exchange Board of India 2026-05-08
Securities and Exchange Board of India sets 30 day lag for educational sharing and use of market price data and grants National Institute of Securities Markets one day access
The Securities and Exchange Board of India has revised norms on educational use of market price data, introducing a uniform 30-day lag for sharing and use in investor education, except allowing the National Institute of Securities Markets one-day-lag access for its simulation lab. The provisions apply to market infrastructure institutions and registered intermediaries, prohibit monetary incentives, require due diligence, legal agreements and audit trails, and bar educators from using data from the preceding 30 days when indicating future prices, advice or recommendations.