The Securities and Exchange Board of India (SEBI) has floated a proposal to introduce a uniform 30-day time lag for the sharing and usage of market price data for educational and investor awareness purposes, aiming to balance data misuse concerns with the need for relevant learning material.
In a consultation paper issued on 6 January 2026, SEBI said the move seeks to bring clarity and consistency to existing norms governing the use of price data by entities engaged solely in education. The regulator has invited public comments on the proposal until 27 January 2026.
Currently, the regulatory framework is governed by two separate circulars. A 24 May 2024 circular restricted stock exchanges from sharing live market data with third parties, permitting its use for educational purposes only with a minimum one-day lag. Subsequently, a 29 January 2025 circular stipulated that entities solely engaged in education could use price data only if it was at least three months old. SEBI noted that, while both circulars were intended to address different aspects of data usage, their simultaneous application had led to stakeholder concerns and interpretational challenges.
SEBI’s draft norms stem from growing concerns that some market educators and influencers have been operating in a 'grey zone,' using near-real-time price data or performance projections in a way that, regulators argue, amounts to unregistered investment advisory activity. Investigations last year found that certain high-profile finfluencers were mobilising substantial investor funds through paid academies and courses, all while claiming to offer education rather than advice.
SEBI highlighted that the use of live or near-real-time data for educational content can blur the line between investor education and regulated activities such as investment advisory or research analysis. According to the regulator, analysing current market data to predict future prices falls outside the scope of pure education and could lead to misuse, particularly by online platforms, apps and gaming-style applications.
At the same time, SEBI acknowledged feedback from stakeholders that a three-month lag may be too long to ensure the relevance and effectiveness of educational content. After internal deliberations, the regulator proposed a middle ground: a uniform lag of 30 days for both sharing and usage of price data for educational and awareness activities.
Under the proposal, entities engaged solely in education would continue to be bound by the prohibitions outlined in the January 2025 circular, while all other provisions of the existing framework would remain unchanged. SEBI has also sought suggestions on whether additional safeguards should be introduced to prevent misuse of market data under the revised regime.
The consultation paper forms part of SEBI’s broader efforts to strengthen investor protection while supporting structured and legitimate investor education initiatives and rein in unregistered financial influencers, or 'finfluencers', whose activities regulators say blur the lines between education and investment advice.
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