The Securities and Exchange Board of India (SEBI) has announced a new rule to address the uncertainty surrounding the use of market data for educational purposes. Starting from July 1, 2026, a uniform 30-day lag will be implemented for sharing and utilizing such data. This decision comes after concerns were raised regarding conflicting timelines set in previous SEBI directives.
The confusion stemmed from two separate circulars issued by SEBI in recent years. In 2024, SEBI prohibited market infrastructure institutions and intermediaries from sharing price data for educational use with a delay of less than one day. However, a subsequent circular in 2025 imposed a stricter three-month lag for using market data in educational and awareness programs.
The issue gained attention during a case involving trader and educator Avadhut Sathe and his firm, Avadhut Sathe Trading Academy (ASTA). SEBI had earlier restrained Sathe and ASTA from accessing the securities market, alleging unauthorized investment advisory services under the guise of stock market education. The regulator claimed that market data was misused for stock recommendations.
SEBI’s latest move follows a consultation process initiated in January, where stakeholders suggested a 30-day lag as a balanced approach. The regulator clarified that the previous directives aimed at different aspects of market data usage, with the 2024 circular focusing on data sharing by exchanges and the 2025 framework defining the age of data suitable for educational purposes. Notably, the National Institute of Securities Markets (NISM) has been exempted from these revised norms.
