Using Stock Price For Education: Platforms Can Use Data Only After 30 Days From July 1, Says Sebi

The Securities and Exchange Board of India (Sebi) has revised its rules on sharing and usage of stock market price data for educational purposes, setting a uniform 30-day delay for both sharing and use of such data. The new framework will come into effect from July 1, 2026.

In a circular dated May 8, 2026, Sebi said the move follows feedback from stakeholders who argued that the earlier one-day delay was too short and could lead to misuse of market data, while the three-month restriction imposed later made the data too outdated for meaningful educational use.

Under the revised norms, stock exchanges, clearing corporations, depositories and registered intermediaries can share market price data for investor education and awareness activities only after a lag of 30 days.

Sebi said the change aims to balance investor protection with the genuine needs of financial education and market awareness initiatives.

Why Real-Time Market Data Sharing Came Under Sebi’s Scanner

The latest move is part of a broader regulatory effort by Sebi to curb the misuse of real-time market data by online gaming platforms, apps, and websites posing as educational platforms.

Previously, in a circular issued on May 24, 2024, Sebi had made it clear that real-time price data should not be shared with third parties unless it was necessary for the orderly functioning of the securities market or to meet regulatory requirements.

At that time, Sebi had allowed sharing of market price data for investor education and awareness activities only with a one-day delay.

Later, in another circular dated January 29, 2025, the regulator tightened the norms further and said entities solely engaged in education could use only price data that was at least three months old. Sebi had then clarified that the use of live or near-live data for educational purposes could blur the line between education and investment advice.

According to the regulator, “using live data for educational purposes is clearly outside the scope of pure educational activity as it involves analysing current data to predict future prices,” which could fall under the definition of Investment Adviser (IA) or Research Analyst (RA) activity.

Under that framework, market infrastructure institutions (MIIs) and intermediaries were allowed to share price data with at least a one-day lag for preparation of educational material, but educators themselves could use only three-month-old data while teaching or publishing content.

Sebi had cautioned that any deviation from this could result in the activity being treated as investment advisory or research analyst activity.

Why Sebi Reviewed The Framework

As reported earlier by Outlook Money when Sebi released its consultation paper in January 2026, the regulator had acknowledged concerns raised by stakeholders over the practicality of the existing framework.

Sebi said it received feedback that a one-day lag for sharing price data was “too short” and still vulnerable to misuse. At the same time, the three-month lag for educational usage was considered “too long”, making educational content less relevant and effective.

In its consultation paper issued on January 6, 2026, Sebi had observed that investor education could become more meaningful if the delay period was reduced while still maintaining safeguards against misuse of exchange data.

Following public consultation and stakeholder feedback, Sebi has now standardised the framework with a 30-day lag for both sharing and usage of price data.

Sebi Tightens Boundary Between Education And Advice

Sebi has also reiterated that entities claiming to operate solely for educational purposes cannot use market price data from the preceding 30 days to offer investment advice or recommendations.

According to the circular, educators must not discuss or display names of securities — including through code names — in videos, speeches, live screen sharing, tickers or broadcasts in a way that indicates future price movements or trading recommendations.

The regulator said this restriction is aimed at preventing misuse of educational platforms for indirect advisory activities.

NISM Gets Special Exemption

Sebi has given a separate exemption to the National Institute of Securities Markets (NISM), its training and certification arm.

NISM will continue to get access to market price data with only a one-day lag, but strictly for use in its simulation laboratory meant for market training and capacity building programmes.

MIIs Asked To Strengthen Safeguards

Sebi has directed MIIs and intermediaries to carry out due diligence before sharing market data for educational purposes.

Sebi further said that entities sharing such data must enter into legal agreements with recipients to prevent misuse and maintain audit trails for data usage.

The circular added that exchanges and intermediaries should make necessary amendments to their bye-laws, rules and regulations and inform market participants about the revised framework before the rules become effective from July 1, 2026.

Frequently Asked Questions

1. What has Sebi changed in the rules for educational use of stock market data?
Sebi has said educational platforms and entities can use stock market price data only after a 30-day lag. The revised rules will take effect from July 1, 2026.

2. Why did Sebi revise the earlier framework?
Sebi said stakeholders felt the earlier one-day lag could lead to misuse of market data, while the later three-month restriction made educational content outdated and less practical.

3. Can educational platforms give stock recommendations using delayed data?
No. Sebi has clarified that educational entities cannot use stock price data from the previous 30 days to provide trading advice, recommendations, or indicate future price movements.