SEBI Eyes 30-Day Price Data Lag for Education Post-Sathe Probe

The Securities and Exchange Board of India (SEBI) has published a consultation paper that proposes to set a consistent thirty-day delay for both the sharing and use of price data for educational and awareness initiatives. Currently, there are inconsistencies in the rules governing the use of price data, whereby market intermediaries observe a one-day technical delay from when the data is first disseminated or issued by a price data distributor (PDD), while educators must adhere to a three-month content-based delay from the date of the price data's first dissemination.

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Background and Rationale

Several stakeholders expressed concerns regarding the one-day technical lag and argued it is easy to misuse and recommended that the delay be increased. SEBI's position is that a three-month content-based lag would be excessive and negatively impact the timeliness of the content. 

Thirty-day delays should reduce the risk of using or abusing price data for financial exploitation such as front-running and provide timely education for the public. The prohibition on educators providing advice or a recommendation still applies.

Link to the Avadhut Sathe Investigation

This announcement comes at the same time that SEBI is investigating fin-fluencer Avadhut Sathe. In December 2025, SEBI issued a temporary restraining order against Sathe for allegedly earning more than ₹546 Crores from illegal activity, preventing him from withdrawing funds, banning him from presenting performance advertisements and stopping him from collecting money for his academy. 

In August 2025, SEBI conducted a search of Sathe's trading operations; he denied giving trading tips. The Special Administrative Tribunal (SAT) provided interim relief to Sathe for expenses related to operating his company as of December 19, 2025, and a hearing on this case is scheduled for January 9, 2026. Comments on SEBI's consultation material will be accepted until January 27, 2026.

Evolution of Data Norms

The SEBI regulation indicates that technical delays within a day are considered just as serious as delays in providing educational content by influencers. The original SEBI regulation accounted for these factors separately for any risk of undue advantage being taken by influencers who could manipulate trading decisions based on real-time data.

Finfluencer Regulation Impact

Out of an estimated 15,000 registered and 50,000 unregistered Influencers managing approximately £50,000 Cr. of assets under management in India, only 20% of these Influencers have been registered with the SEBI. Educational videos that are posted at least 30 days earlier will assist in reducing recency bias in these types of educational videos and minimise the opportunity for those who engage in pump and dump schemes, which are responsible for at least 20% of retail losses in India and worldwide. 

Both the SEC and ASIC have delayed (15-30 days) postings in other jurisdictions. These previous (in)actions have reacted to the risk of misinformation to investors by expanding the pool of compliant education technology providers (by reducing recency bias). However, in light of recent events surrounding Sathe, it is anticipated that future SEBI Influencer regulations can be stricter and consistent with the current SEBI official average of 50+ in 2025 .