The Securities and Exchange Board of India (Sebi) has introduced a 30-day lag on the sharing and use of market data for educational purposes, ending a year-long regulatory confusion. According to reports from Mint and The Economic Times, the new norms will come into effect from 1 July 2026. The confusion stemmed from two circulars that appeared to set different timelines for sharing and using market data. As per The Economic Times, the move is aimed at preventing misuse of stock exchange data and keeping the educational content relevant. The provisions of the circular were standardized in a May 8, 2026 circular that replaced earlier frameworks that had created confusion among market participants.
The circular came after a consultation process that began in January, suggesting a 30-day lag for the sharing and use of market data. As reported by The Economic Times, Sebi received feedback from stakeholders that a one-day lag for sharing price data was too short and left scope for misuse, while the three-month delay made the data far less useful for educational purposes. The regulator decided to prescribe a 30-day delay for both sharing and usage of price data for educational purposes following public consultation and feedback. According to The Economic Times, 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argued that a one-day delay was too short and vulnerable to misuse, while a three-month delay rendered the data too outdated for meaningful educational purposes.
In an ex parte interim order passed in December, Sebi barred Sathe and his firm, Avadhut Sathe Trading Academy (ASTA), from the securities market and ordered the impounding of ₹546.16 crore, alleging that the institute was operating unregistered investment advisory and research analyst services disguised as stock market education. According to Mint, before SAT, the appellants contended that the differing timelines prescribed under the two circulars had created a 'regulatory vacuum', resulting in confusion over the permissible delay for the use of live market data.
The revised rules draw a sharper line between 'education' and 'advice', with Sebi clarifying 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. As per The Economic Times, Sebi has 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.
The regulator has carved out an exception for the National Institute of Securities Markets (NISM), Sebi's training and capacity-building arm, which will continue to have access to market price data with a one-day lag for use in its simulation lab, as confirmed by The Economic Times. 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. This comprehensive approach ensures that while educational content remains accessible, the framework prevents misuse while maintaining data relevance for meaningful educational purposes.
