Introduction
In a huge step toward data democratisation and transparency, the
Securities and Exchange Board of India
("SEBI") recently released a detailed
framework to share market data for research and analysis. This
draft circular1, designed to supersede the extant
Data Sharing Policy 2018, marks a vital shift in how the Market
Infrastructure Institutions ("MIIs")
deal with and disseminate data in the securities markets of
India.
Background and Context
The proposed policy originates from SEBI's identification of
certain lacunae in the existing framework and its need to smooth
data sharing. Perhaps one of the most crucial aspects of the new
framework has been data ownership and authenticity. Crucially,
SEBI's Market Data Advisory Committee (MDAC) pointed out that
SEBI should only share data of which it is directly the owner. In
contrast, the MIIs themselves should form their data-sharing
policies for the information that they are creating. This new
