Norms for sharing and usage of price data for educational purposes

Securities and Exchange Board of India, vide Circular No. HO/47/17/12(11)2025-MRD-POD3/I/11107/2026 dated May 08, 2026, has announced an important update regarding norms for sharing and usage of price data for educational purposes.

Key Details of the Update –
• Applicability: All Recognized Stock Exchanges, Recognized Clearing Corporations, Depositories, Registered Intermediaries, and BSE Limited as IAASB/RAASB.

• Key Changes: SEBI has prescribed a uniform time lag of thirty days for both sharing and usage of market price data for educational purposes.

• Market price data may be shared for investor education and awareness activities only without offering any monetary incentive to participants and with a lag of thirty days.

• National Institute of Securities Markets may access market price data with a lag of one day only for usage in its simulation lab.

• Persons engaged solely in education shall not use market price data of the preceding thirty days to speak, display, or indicate any security name, code name, future price, advice, or recommendation.

• MIIs and market intermediaries must enter into appropriate legal agreements with entities or persons with whom such data is shared.

• Such legal agreements must include provisions to prevent misuse of data, including maintenance of audit trail for usage of such data.

Actions if Any –
• MIIs shall take necessary steps and put in place necessary systems for implementation of the circular.

• MIIs shall make necessary amendments to relevant bye-laws, rules, and regulations wherever required.

• MIIs shall bring the provisions of the circular to the notice of market participants, including investors.

• MIIs shall disseminate the circular on their websites.

Compliance Deadline –
July 01, 2026 – Modified norms for sharing and usage of price data for educational purposes become applicable.