The short answer is . Using or distributing an unauthorized m3u8 link for copyrighted content constitutes piracy.
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In India and most other jurisdictions, the Copyright Act protects broadcast content. Accessing a stream via an illicit m3u8 link is a violation of intellectual property rights. While the laws regarding streaming (as opposed to downloading/torrenting) are complex and vary by country, the distribution of these links is undeniably illegal. Websites that host lists of m3u8 links operate in a legal shadow, often getting shut down or having their domains seized by authorities. The short answer is