SEBI proposes price data for educational purposes be shared with 30-day lag

The Securities and Exchange Board of India (SEBI) in its consultation paper issued on January 6, 2026 proposed to allow sharing of price data with a lag of 30 days for educational purposes.

The existing rules allow solely educational institutions to keep data with a lag of one day and use them with a lag of three months, according to the January 2025 circular.

“SEBI received comments from stakeholders that the time interval of one day was too short, and there were potential cases of misuse of the one-day time interval data, making a case for extending the time interval to a larger period. Internally, it was also considered that the three-month interval was too long and educational inputs could be more efficient if the period was reduced. In this regard, it was felt that a time interval of 30 days for both sharing and use of price data would be appropriate to protect against misuse. Will suffice for the purpose of exchanging data as well as keeping the education material relevant,” SEBI proposed.

The market regulator also proposed that the provisions till January 2025 would continue. The paper is open for public comments till January 27, 2026.

The consultation paper comes three days ahead of the SAT’s hearing on Avadhoot Sathe Trading Academy’s petition seeking a stay on the interim order. The academy reportedly used live price data for trading classes and was sharing the data in online groups with students as investment advice. Avadhoot Sathe and his academy were directed to pay a fine of ₹546 crore, their bank accounts were frozen except ₹2.25 crore to pay one month’s expenses and all investment advisory activities were stopped.