SEBI/HO/DEPA - II/DEPA - II_SRG/P/CIR/2024/178 — THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992

CIRCULAR SEBI/HO/DEPA - II/DEPA - II_SRG/P/CIR/2024/178 December 20, 2024 To All Recognized Stock Exchanges, All Depositories, All Clearing Corporations , Dear Sir/Madam, Subject – Policy for Sharing Data for the Purpose of Research / Analysis Vide SEBI Circular No. SEBI/HO/DEPA -III/DEPA -III_SSU/P/CIR/2022/25 dated February 25, 2022 on " Approach to securities market data access and terms of usage of data provided by data sources in Indian securities market" , all market intermediaries and other data sources in Indian securities markets were advised to freely disseminate various reporting and disclosure data that are mandated by the regulators in a downloadable format. It was also advised that, apart from the data made available free of cost, data which is chargeable should be appropriately identified as such in the public domain. SEBI has a data sharing policy to share anonymised data that is not publicly available . However, since SEBI is not the originator of most of the market data, the scope of sharing data under the extant data sharing policy of SEBI was deliberated by the SEBI Market Data Advisory Committee (MDAC). One of the issues discussed by MDAC was the authenticity and adequacy of data, together with data privacy. It was suggested that the stakeholders need to be able to source the requisite data from the original sources. MDAC further suggested that in order to achieve the balance between data privacy vis-a-vis providing access to data, organizations , which are actual source of data, will need to have a policy on data collection, processing, storage, dissemination and sharing . Accordingly , it has now been decided to have a uniform policy for Stock Exchanges, Clearing Corporations and Depositories respectively, for sharing data separately for only rese