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    <title>Norms for sharing of real time price data to third parties</title>
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    <description>Sharing of real time price data with third parties is prohibited except for orderly market functioning or regulatory compliance. Permitted sharing requires a formal agreement detailing permitted uses and justification, annual board review of recipients and activities, due diligence, contractual safeguards against misuse, and best efforts to prevent misuse. Market price data may be shared for investor education only with a one-day lag and without monetary incentives. The circular becomes effective 30 days after issuance; MIIs must implement systems, amend bye-laws, and notify and publish the requirements.</description>
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