The provisions of the circular will become effective from July 1, 2026.
The Sebi move comes following a feedback it received from various stakeholders that said the lag of one day for sharing of price data was very short and there is possibility of mis-use of the same. Meanwhile, a lag of three months for usage of the price data is too long for educational purposes.
Subsequent comments received through public consultation, Sebi decided to prescribe a time lag of 30 days for both sharing and usage of price data for educational purposes.
According to Sebi, stakeholders argued that a one-day delay was too short and vulnerable to misuse, while a three-month delay rendered the data too outdated for meaningful educational purposes. Following public consultation and feedback, the regulator has now standardized the framework with a 30-day delay for both sharing and usage of market data in educational content.
Finally, in a circular issued on May 8, 2026, the regulator standardised the framework with a 30-day delay for both sharing and usage of market data in educational content.
Chronology
Sebi first allowed exchanges and intermediaries in May 2024 to share price data with just a one-day delay for educational activities. Later, in January 2025, the regulator tightened norms further by mandating a three-month lag for entities engaged solely in education.The revised rules also draw a sharper line between “education” and “advice.” Sebi clarified that educators cannot use market price data from the preceding 30 days to discuss or display any security name — including coded references — in a manner that may imply future price movement, trading advice or recommendations through videos, speeches, screen shares or tickers.
At the same time, the regulator carved out a special exemption for National Institute of Securities Markets (NISM), SEBI’s training and certification arm. NISM will continue to receive market data with only a one-day lag, exclusively for use in its simulation laboratory aimed at market training and capacity building.
Sebi has also directed market infrastructure institutions and intermediaries to strengthen due diligence and execute legal agreements to prevent misuse of shared data, including maintaining audit trails for data usage.
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