The Securities and Exchange Board of India (SEBI) has directed stock exchanges, clearing corporations and depositories to maintain a mandatory 30-day lag for market price data used for educational and awareness purposes. It has replaced two earlier frameworks that had drawn criticism from market participants.

1 July 2026: Revised Framework To Come Into Effect

The revised framework will come into effect from 1 July 2026, SEBI said in a circular issued on 8 May. The regulator said the move follows feedback from stakeholders who flagged concerns over the earlier timelines prescribed by SEBI.

Market participants told the regulator that a one-day delay was too short and carried the risk of misuse, while a three-month lag made the data too old for meaningful educational use.

Following public consultation and industry feedback, SEBI decided to standardise the framework with a uniform 30-day delay for both sharing and usage of market data in educational material.

Earlier Rules Created Confusion

The latest circular replaces two separate frameworks issued over the past two years. In May 2024, SEBI had allowed exchanges and intermediaries to share market price data with a one-day delay for educational activities. The regulator later tightened the norms in January 2025 by prescribing a three-month lag for entities engaged only in educational activities.

The differing timelines had created operational confusion for several market participants, according to people familiar with the matter. The new framework applies to market infrastructure institutions (MIIs), including stock exchanges, clearing corporations and depositories.

Line Between Education And Advice

SEBI has also tightened conditions around how educators use market data. Under the revised norms, entities using delayed market data for educational purposes cannot discuss or display the name of any security from the preceding 30 days in a way that may indicate future price movement or trading direction.

The restriction also covers coded references, screen shares, videos, speeches, display boards and scrolling tickers that may be interpreted as investment advice or recommendations. The regulator said the objective is to prevent educational platforms from indirectly offering trading calls or market tips while using delayed exchange data.

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NISM Gets Exemption

SEBI has carved out a separate exemption for the National Institute of Securities Markets (NISM), its training and certification arm. NISM will continue to receive market data with only a one-day lag. The regulator said the exemption is limited to simulation laboratories used for training, education and capacity-building purposes.

The regulator has also directed market infrastructure institutions (MIIs) and intermediaries to put in place stronger due diligence mechanisms before sharing market data. These entities will have to execute legal agreements with users of the data and maintain audit trails to monitor how the information is being used.

Sources:

The Economic Times

Business Standard