SEBI issued this Circular No. HO/47/17/12(11)2025-MRD-POD3/I/11107/2026 on 08 May 2026 to revise the norms relating to sharing and usage of market price data for educational purposes. The circular modifies earlier SEBI circulars issued on 24 May 2024 and 29 January 2025. Earlier, SEBI had permitted stock exchanges, clearing corporations, depositories and registered intermediaries to share market price data for educational and awareness activities with a time lag of one day. Later, in January 2025, SEBI further tightened the norms by providing that entities engaged solely in education could use only three-month-old market data.
After receiving feedback from stakeholders, SEBI observed that a one-day lag was too short and there was a possibility of misuse of recent market data, while a three-month lag was too long for effective educational activities. Therefore, SEBI decided to introduce a balanced approach by prescribing a uniform time lag of thirty days for both sharing and usage of market price data for educational purposes. Accordingly, educational institutions, stock market trainers, finance educators and similar entities can now use only price data that is at least thirty days old.
The circular also provides a special relaxation to National Institute of Securities Markets (NISM). Since NISM is SEBI’s official institution for training, certification and capacity building in the securities market, SEBI has allowed NISM to access market price data with a lag of only one day for use in its simulation lab. This exception has been granted because NISM conducts SEBI-mandated training programmes and provides training to SEBI officers and market intermediaries.
SEBI has further directed that whenever market infrastructure institutions or intermediaries share such data, they must enter into proper legal agreements with the concerned entities or persons. These agreements should contain safeguards to prevent misuse of the data and should also ensure maintenance of an audit trail regarding usage of the data. The purpose of these safeguards is to prevent educational data from being misused for unauthorized advisory or trading-related activities.
The circular also clarifies the distinction between “education” and “advice or recommendation.”
A person is treated as engaged only in “education” if:
- they are not giving investment advice,
- not recommending securities,
- not predicting prices.
SEBI has stated that a person engaged solely in education should not use market price data of the preceding thirty days to discuss or display the name of any security, directly or indirectly, in a manner that amounts to giving future price indications, investment advice or recommendations. Such persons are prohibited from using talks, speeches, videos, screen sharing, tickers or even code names of securities for suggesting trades or future movements. However, NISM is exempted from this restriction for the limited purpose of operating its simulation lab.
Examples of prohibited conduct:
- “Buy XYZ now, target ₹500”
- “This stock will rise tomorrow”
- showing live charts while giving recommendation
The provisions of this circular will come into effect from 01 July 2026. SEBI has instructed stock exchanges, clearing corporations and other market infrastructure institutions to make necessary changes in their systems, rules and regulations and to inform market participants and investors about these revised provisions. The overall objective of the circular is to promote genuine investor education while preventing misuse of recent market data for disguised stock recommendations or unauthorized advisory activities.
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