SEBI revises norms for sharing and use of market price data
SEBI Revises Norms for Sharing and Use of Market Price Data for Educational Purposes
The Securities and Exchange Board of India (SEBI), through a circular dated May 8, 2026, has revised the framework governing the sharing and use of market price data for educational and awareness-related activities.
Earlier, SEBI had prescribed separate timelines under two circulars:
- the circular dated May 24, 2024 permitted sharing of market price data for educational purposes with a delay of one day; and
- the circular dated January 29, 2025 restricted entities engaged solely in education from using price data unless it was at least three months old.
SEBI has now clarified that the objectives of both circulars were different — one dealt with sharing of data, while the other governed the actual usage of such data for educational activities.
Revised Time Lag: Based on stakeholder feedback and public consultation, SEBI has decided to standardize the time lag requirement. Accordingly:
- Market price data meant for educational and investor awareness purposes may now be shared and used only after a delay of 30 days.
- The earlier one-day lag and three-month lag requirements stand replaced by this unified 30-day period.
Special Relaxation for NISM: SEBI has provided a specific exemption to the National Institute of Securities Markets (NISM), considering its role in conducting SEBI-mandated training and certification programmes.
Under the revised framework:
- NISM may access market price data with a delay of only one day;
- such access is restricted solely for use in its simulation laboratory.
Changes Introduced: The circular modifies:
- Paragraphs 2(iii) and 2(iv) of the SEBI Circular dated May 24, 2024 relating to sharing of real-time price data; and
- Question No. 8 of the FAQ issued under the SEBI Circular dated January 29, 2025 concerning educational activities and prohibited advisory/recommendation practices.
Key Compliance Requirements: Market Infrastructure Institutions (MIIs) and intermediaries are required to:
- exercise due diligence while sharing data;
- execute appropriate legal agreements with entities receiving such data;
- maintain safeguards against misuse, including audit trail mechanisms;
- amend relevant bye-laws, rules, and regulations wherever necessary; and
- disseminate the revised provisions to market participants and investors.
Applicability: The revised provisions will come into effect from July 1, 2026.
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