New Delhi, Jan. 6 -- The Securities and Exchange Board of India (Sebi) has proposed a 30-day lag for sharing and using market data for educational purposes, as the regulator seeks to address confusion caused by its two previous circulars.

In a May 2024 circular, Sebi had barred market infrastructure institutions (MIIs) and intermediaries, including stock exchanges, from sharing price data with a lag of less than one day for educational purposes. In a separate circular in 2025, the regulator said the time lag for using price data for investor education and awareness activities would be three months.

This gap was again highlighted during the Securities Appellate Tribunal (SAT) proceedings in the Avadhut Sathe case. In a December ex parte ...