SEBI Proposes 30-Day Lag In Price Data Usage For Educational Purpose After Avadhut Sathe Case Probe
SEBI has proposed a uniform lag of 30 days for both sharing and usage of price data may be made applicable for educational and awareness activities.
Amid the ongoing probe of finfluencer Avadhut Sathe for making unlawful gains in the securities market, the Securities and Exchange Board of India (SEBI) has proposed a uniform lag of 30 days for both sharing and usage of price data applicable for educational and awareness activities.
The capital markets regulator released a consultation paper on Tuesday, Jan. 6, in which it had proposed that the person engaged solely in education will continue to abide by provisions of the prohibited activities.
What has SEBI proposed?
Earlier, SEBI had prescribed a time lag of one day for sharing the price data for investor education and awareness activities. One-day lag for providing price data is the minimum technical delay to be adhered to by market intermediaries.
The three-month lag criteria is a content based condition to be adhered to by educators for their content to be regarded as purely educational. SEBI received stakeholder comments on the time lag of one day being too short, and that there were possible cases of misuse of one day time lag data, making out a case for increasing the time lag to a larger period.
Internally it was also deliberated that three months lag was too long and that the educational input could be more efficient if the period were to be reduce. In this regard, SEBI felt that a time lag of 30 days for sharing and usage of price data would suffice the purpose of protecting against misuse of exchange data as well as keeping the education content relevant.
SEBI has invited public comments are invited on the proposal for sharing and usage of price data for educational purposes. Comments can be submitted latest by Jan. 27, 2026, on the market watchdog's website.
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SEBI's probe against Avadhut Sathe
On Dec. 4, 2025, SEBI issued an interim order against finfluencer Avadhut Sathe for alleged unlawful gains of over Rs 546 crore, directing that these should be impounded from him and his academy. SEBI prohibited Sathe from advertising his performance or those of his course participants.
He has been directed to not collect any fee from the existing course participants, and remove all websites and advertisements related to his academy. In August 2025, SEBI conducted a search operation at Sathe's trading academy. The finfluencer claimed that his group did not provide stock tips or advisory services.
In an interim relief, the Securities Appellate Tribunal (SAT) permitted Avadhut Sathe Trading Academy Pvt. Ltd. to withdraw funds for essential operational expenses on Dec. 19, 2025. The academy, along with Avadhut Sathe and Gauri Avadhut Sathe, had contested SEBI’s interim ex-parte order. The tribunal has scheduled the next hearing for Jan. 9, 2026.
