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| Category | Details |
| Circular Reference No. | HO/47/17/12(11)2025-MRD-POD3/I/11107/2026 |
| Issuing Authority | Securities & Exchange Board of India (SEBI) |
| Effective From | July 01, 2026 |
| Purpose | SEBI has revised the rules regarding how market price data can be shared and used for educational purposes. This update aims to find a “middle ground” between preventing the misuse of near-real-time data for unauthorized advice and ensuring that educational content remains relevant for learners. Previously, there was a conflict between different circulars (one requiring a 1-day lag for sharing and another requiring a 3-month lag for usage). SEBI has now standardized these requirements: Entity Type New Data Lag Requirement Effective From General Educators / Third Parties 30 Days July 01, 2026 NISM (Simulation Labs) 1 Day July 01, 2026 |
| Interpretation of Circular | To prevent “educational” content from turning into unauthorized financial advice, SEBI has laid down strict operational boundaries: – No Current Securities: Educators cannot use price data from the preceding 30 days to discuss, display, or name any specific security (including via code names, screen shares, or tickers). – No Predictive Claims: The data must not be used to indicate future price movements or provide any form of recommendation. – Legal Agreements: Market Infrastructure Institutions (MIIs) and brokers must enter into legal agreements with anyone they share data with. These agreements must include audit trails to track how the data is used. – No Incentives: Educational activities involving this data cannot offer monetary incentives to participants. |
| Impact on Sub-Brokers | – Content Planning: You must ensure your case studies and market analysis videos use data that is at least one month old. – Compliance: You are now prohibited from “live-streaming” or discussing stocks using recent price action under the guise of education. |
| Impact on Clients (BOs) | Clients can rest assured from protection against misinformation. These norms are designed to protect the Clients from “finfluencers” who might use slightly delayed real-time data to give unauthorized tips disguised as “educational content.” |
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