Policy for Sharing Data for the Purpose of Research / Analysis
Summary
This circular establishes a uniform policy for Stock Exchanges, Depositories, and Clearing Corporations to share anonymized data exclusively for research by accredited academic institutions. It mandates the segregation of data into two baskets: one for public aggregate data and another for restricted information containing personal or sensitive details. Market Intermediaries are required to submit their data lists for SEBI's approval within 60 days and implement these provisions immediately.
Text
Stock Exchanges, Depositories and Clearing Corporations are advised to segregate data available, for each market segment, with them into two baskets as follows:
Data in the first basket will be those which can be shared with the public. These should be aggregate and analysed data only. This basket shall also include reporting and disclosure data that are mandated by the regulators.
MIIs would provide a reasonable amount of data requested by a researcher free of cost (upto 2 GB of data per researcher per year that requires no extra computation). However, if the requested data is very high in volume and/ or needs further processing/ value addition, MIIs may charge a cost-basis fee from the researcher to process and provide such data.
Data in the second basket will contain information that cannot be shared with the public. These data would include, for instance, KYC information / trade logs / holding details of an entity/ individual, etc. with the identity of the entity/ individual.
All Stock Exchanges, Depositories and Clearing Corporations are advised to identify data in the abovementioned baskets and accordingly frame their data sharing policy.
MIIs are required to share the data list under each basket with SEBI for approval, within 60 days of the issuance of this Circular and the same shall be reviewed annually or on need basis, whichever is earlier.
MIIs are advised to place sample files pertaining to data categorised under Para 3.1.2 above on their respective websites.
MIIs are also advised to place a specimen “data seeking request form” on their respective websites. In the data seeking request form, the data seeker shall justify as to how the particular data sought is necessary for his/her/its/their research project to test the specific hypothesis.
All MIIs are directed to communicate the status of the implementation of the provisions of this Circular to SEBI within three months from the date of this Circular.
This Circular is being issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992, to protect the interests of investors in securities and to promote the development of, and to regulate, the securities market.
Source: SecMarx — Policy for Sharing Data for the Purpose of Research / Analysis. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.