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ARTICLE · 05 JANUARY 2025

SEBI's New Policy For Sharing Data: A Step Towards Transparency And Privacy

IndiaLaw LLP
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In an effort to enhance transparency and responsible use of data in the Indian securities market, the Securities and Exchange Board of India (SEBI) has issued a new circular on December 20, 2024.

IndiaPrivacy
Rahul Sundaram
Rahul Sundaram

In an effort to enhance transparency and responsible use of data in the Indian securities market, the Securities and Exchange Board of India (SEBI) has issued a new circular on December 20, 2024. This circular introduces a comprehensive framework for data sharing by Market Infrastructure Institutions (MIIs) — which include stock exchanges, clearing corporations, and depositories — specifically for research and academic purposes. The move aims to balance the accessibility of market data with the need to protect sensitive and personal information.

Background

The new policy builds upon SEBI's February 25, 2022, circular that mandated free dissemination of regulatory-mandated reporting and disclosure data in downloadable formats. It also required that chargeable data be clearly identified in the public domain. Recognizing the challenges of data authenticity, adequacy, and privacy, SEBI consulted its Market Data Advisory Committee (MDAC). The committee emphasized the

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