SEBI Eases Norm For Educational Use Of Market Price Data, Cuts Lag To 30 Days From 3 Months

The Securities and Exchange Board of India (SEBI) has issued a circular revising norms governing the sharing and usage of market price data for educational purposes, prescribing a uniform 30-day lag for both sharing and usage of such data.

SEBI had earlier issued circulars dated May 24, 2024 and January 29, 2025 regulating the sharing and use of real-time market price data by Market Infrastructure Institutions (MIIs) and intermediaries.

While the 2024 circular permitted sharing of such data for educational and awareness activities with a one-day lag, the 2025 circular required persons engaged solely in education to use such data only after a three-month lag.

SEBI said stakeholders had raised concerns that a one-day lag for sharing price data was too short and could lead to misuse, while a three-month lag for educational use was excessively long.

Accordingly, after public consultation, SEBI decided to prescribe a uniform 30-day lag for both sharing and usage of price data for educational purposes.

SEBI further clarified that persons engaged solely in education cannot use market price data of the preceding 30 days while discussing or displaying the name of any security, including through talks, speeches, videos, tickers or screen shares, in a manner indicating future prices, advice or recommendations.

At the same time, SEBI granted a relaxation to the National Institute of Securities Markets (NISM), permitting it to access market price data with a one-day lag for use in its simulation lab.

The revised norms will come into effect from July 1, 2026.