Norms for sharing and usage of price data for educational purposes

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ird parties by Stock Exchanges, Clearing Corporations, Depositories (collectively referred to as Market Infrastructure Institutions (MIIs)) and registered market intermediaries. The said norms restricted sharing of real time price data only for orderly functioning of the securities market or for fulfilling regulatory requirements, and prescribed a time lag of one day for sharing of price data for educational and awareness activities. 2. Subsequently, SEBI vide Circular No.SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2025/11 dated January 29, 2025 further tightened the norms by stipulating that entities solely engaged in education may use the price data only with a lag of three months. 3. The purposes of these two circulars were different. The Circ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Market price data may be shared for investor education and awareness activities without offering any kind of monetary incentive to the participants, with a lag of thirty days. However, the market price data may be shared with National Institute of Securities Markets (NISM) with a lag of one day only for the purpose of usage in its simulation lab. For this purpose, the MIIs or the market intermediaries shall also enter into appropriate legal agreement with entities/persons with whom the data is being shared. 2(iv). MIIs and market intermediaries shall ensure due diligence while sharing such data. The legal agreement for sharing the data shall have provisions to prevent any kind of misuse of the same by the entities/persons includin....