SEBI has come up with a Consultation paper on Draft Circular to provide clarity on provisions related to association of persons regulated by the Board, MIIs and their agents with persons carrying on prohibited activities. It noted that anyone who acts on behalf of a person regulated by the Board including inter alia employees, distributors, authorized persons (APs), channel partners etc. is an agent of a person regulated by the Board. A person engaged solely in education shall mean that such person is not engaged in any of the two prohibited activities, such person should not be using the market price data of the preceding three months to speak/talk/display the name of any security including using any code name of the security in his/her talk/speech, video, ticker, screen share etc. indicating the price, opinion, advice or recommendations related to security or securities. If the name of any security or the market price data is used for the purpose of education, such market price data may be used with a lag of at least three months.
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