Although both circulars address data use, their objectives differ. The May 2024 circular allows limited data sharing for education with a one-day delay, while the January 2025 circular specifies the age of such data when used solely for educational purposes and prescribes a three-month delay.
Sebi received comments from stakeholders that the one-day delay was too short and there were possible cases of misuse of data on the one-day delay, which argued in favor of extending the delay to a longer period.
Meanwhile, Sebi’s internal deliberations led the regulator to conclude that the three-month delay was too long and that education input could be more efficient if the period is shortened.
“In this regard, it is considered that a 30-day delay on both sharing and use of price data would be sufficient to protect against misuse of exchange data and keep educational content relevant,” the consultation document said.
The document also proposed that persons exclusively engaged in education will continue to adhere to the provisions on prohibited activities mentioned in the January 2025 circular and all other provisions will remain unchanged. Sebi has sought public feedback by January 27, 2026 on whether a 30-day delay was appropriate for purely educational purposes and whether other additional safeguards are required in sharing the data.
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