The Securities and Exchange Board of India (SEBI), on January 6, 2026, issued a Consultation Paper on “Norms for Sharing and Usage of Price Data for Educational Purposes” with the objective of bringing uniformity and clarity in the regulatory framework governing the use of market price data for investor education and awareness activities. The consultation builds upon SEBI’s earlier circulars dated May 24, 2024 and January 29, 2025, which restricted the sharing and usage of live and recent price data to curb misuse and prevent activities that could amount to investment advisory or research functions under the guise of education.
The consultation paper explains that while the May 2024 circular prescribed a minimum one-day lag for sharing price data for educational purposes, the January 2025 circular imposed a content-based restriction requiring educators to use price data that is at least three months old. Although both frameworks operate simultaneously, SEBI noted stakeholder concerns that a one-day lag may be too short and prone to misuse, while a three-month lag may reduce the relevance and effectiveness of educational content. Accordingly, SEBI has proposed a balanced approach to safeguard against misuse while maintaining educational value.
SEBI has proposed introducing a uniform time lag of 30 days for both sharing and usage of price data solely for educational and investor awareness purposes, while retaining all other safeguards and prohibitions under the existing circulars. Public comments have been invited on the proposal, including on the adequacy of the 30-day lag and any additional safeguards, with submissions to be made by January 27, 2026 through SEBI’s public comment portal or designated email addresses.
