The Securities and Exchange Board of India (SEBI) on May 08, 2026, issued the notification regarding Norms for sharing and usage of price data for educational purposes.
The following has been stated namely: -
• Securities and Exchange Board of India (SEBI) has revised the norms for sharing and usage of market price data by Market Infrastructure Institutions (MIIs) and market intermediaries for educational purposes.
• Earlier, SEBI’s May 24, 2024 circular allowed sharing of market price data with a lag of one day for educational and awareness activities, while the January 29, 2025 circular restricted educational entities to using only data older than three months.
• Based on stakeholder feedback, SEBI found that:
o A one-day lag created risks of misuse.
o A three-month lag was too restrictive for meaningful educational use.
• SEBI has now standardized the requirement by prescribing a uniform lag period of 30 days for both sharing and usage of market price data for educational purposes.
• National Institute of Securities Markets (NISM) has been given a special exemption and may access market price data with only a one-day lag for use in its simulation lab and training activities.
• MIIs and intermediaries must conduct due diligence before sharing data and execute legal agreements containing safeguards against misuse, including audit trail requirements.
• SEBI clarified that persons engaged solely in education cannot use market price data from the preceding 30 days to provide future price indications, recommendations, or advice related to securities, whether directly or indirectly.
The revised provisions will come into effect from July 01, 2026.
[Notification No. HO/47/17/12(11)2025-MRD-POD3/I/11107/2026]
https://www.sebi.gov.in/legal/circulars/may-2026/norms-for-sharing-and-usage-of-price-data-for-educational-purposes_101293.html
