SEBI proposes 30-day lag for use of stock price data in educational content

Mumbai, Jan 6 India’s market regulator, the Securities and Exchange Board of India (SEBI), on Tuesday proposed a uniform 30-day delay for sharing and using price data of listed companies for educational and investor awareness activities.

The move is aimed at preventing misuse of market data while ensuring that educational content remains useful and relevant for learners.

In a consultation paper, the market regulator said the proposal seeks to remove confusion caused by its existing rules on the use of stock price data for education.

“It is proposed that a uniform lag of 30 days for both sharing and usage of price data may be made applicable for educational and awareness activities,” SEBI said.

“The person engaged solely in education shall continue to abide by the provisions of the prohibited activities in the January 2025 circular and all other provisions of the aforementioned circulars shall remain unchanged,” the market regulator added.

The regulator has invited public comments on the proposal until January 27, 2026.

“Public comments are invited on the proposal for sharing and usage of price data for educational purposes,” SEBI stated.

“The comments/ suggestions should be submitted latest by January 27, 2026,” the regulator stated.

Currently, two different SEBI circulars govern the use of price data for educational purposes.

A circular issued in May 2024 allows stock exchanges to share price data for education and awareness activities with at least a one-day delay.

However, another circular issued in January 2025 states that entities engaged purely in education can use price data only if it is at least three months old.

SEBI acknowledged that although the two circulars were issued for different reasons, their parallel existence has led to uncertainty among market participants and educators.

SEBI explained that allowing the use of live or near-real-time price data for educational content could blur the line between investor education and regulated activities such as investment advisory or research.

Analysing current market prices to predict future movements falls under advisory functions, which require regulatory oversight, the regulator said.

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