New Delhi, Jan. 7 -- The Securities and Exchange Board of India (Sebi) has proposed a uniform 30-day lag for exchanges to share market data with trading academies and for academies to use such data in their teaching materials after receiving feedback from the industry. Two previous circulars had sparked confusion about whether these academies could use one-day-old or three-month-old market data.

In a consultation paper released on Tuesday, the regulator suggested that stock exchanges provide market data for educational purposes only after a 30-day delay, and that trading academies limit their training materials to 30-day-old data.

Mint explains why such time lags for sharing and using market data exist, why a delicate balance is needed,...