In an effort to improve the ease of access and use of data disseminated to the public by various sources of securities market data, the Securities and Exchange Board of India (SEBI) has requested market intermediaries to this data available to users, “free” both to “view” and to download. Financial markets have traditionally been data-rich and data-driven and with ever-growing financial markets, the volume and variety of data has also increased over the years and will continue to do so.
“With the increasing size and complexity of financial markets, there should not be too much emphasis on information asymmetry and having properly informed investors and multiple stakeholders in the market,” said the SEBI in a flyer on Friday. Furthermore, given the wide variety and volume of market information, value-added service providers also have a crucial role to play in making this information available to stakeholders in a more understandable form.
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Therefore, in order to further enhance the quantum as well as the ease of accessibility and usability of publicly disseminated data by various Indian securities market data sources including Market Infrastructure Institutions (MII ), SEBI, through its Market Data Advisory Board, has reviewed the extent of open access to and use of data provided in the public domain. In this regard, the regulatory intent behind the public release of data in a disclosure-based regulatory regime has been discussed in detail by the Market Data Advisory Committee (MDAC).
Accordingly, the regulator has developed a framework for market intermediaries, including other sources of securities markets data with respect to the conditions of use of data provided by sources of securities markets data Indian securities. “With respect to data provided by various Indian stock market data sources in accordance with regulatory mandates of reporting and public domain disclosure, such data should be made available to users, free of charge both for the ” viewing “data and downloading it in the format specified by the regulatory mandate for reporting, as well as using it for value addition purposes,” Sebi said.
Also, in addition to data made available for free, paid data must be properly identified as such in the public domain, he added. The decision was made taking into account MDAC’s deliberations and recommendations on this matter.