The committee would identify segment-wise data perimeters, data needs and gaps, recommend data privacy and data access regulations applicable to market data among others.

The panel chaired by Madhabi Puri Buch, Whole Time Member, SEBI has CEOs of stock exchanges and depositories, representatives of various stakeholders and senior officials of SEBI as members, a SEBI statement said.

Financial markets are traditionally data rich and data driven. The securities market regulator noted that with ever growing financial markets, the volume and variety of data have also increased many fold over the years and will continue to do so.

With increasing size and complexity of financial markets, the importance of data for research, decision making, and innovations in financial markets cannot be over emphasised, it added.

"SEBI recognises that non-private data is a public good and that access to high quality standardised data on various securities market activities is essential for fostering market transparency, operational efficiency and innovations in Indian securities  market," it said.

According to the regulator, MDAC is part of SEBI's initiatives to make shareable data on the Indian securities market, available for researchers, policy makers, general public alike and to enhance the quality of such data.