SEBI, vide circular, has revised the norms governing sharing and usage of market price data for educational purposes by prescribing a uniform time lag of 30 days for both sharing and usage of such data, replacing the earlier framework which allowed sharing with a one-day lag and usage with a three- month lag. The revision has been introduced based on stakeholder feedback highlighting risks of misuse due to the shorter lag period and practical difficulties arising from the longer usage restriction for educational activities. Further, SEBI has provided a specific exemption to the National Institute of Securities Markets (“NISM”), permitting access to market price data with a one-day lag exclusively for use in its simulation lab. The circular also mandates MIIs and market intermediaries to undertake due diligence and execute appropriate legal agreements to prevent misuse of data and maintain audit trails. The revised provisions shall come into
effect from July 01, 2026
