diff --git a/.pubnub.yml b/.pubnub.yml
index 1e6592e3..db226c6d 100644
--- a/.pubnub.yml
+++ b/.pubnub.yml
@@ -1,5 +1,5 @@
 name: python
-version: 7.3.0
+version: 7.3.1
 schema: 1
 scm: github.com/pubnub/python
 sdks:
@@ -18,7 +18,7 @@ sdks:
         distributions:
           - distribution-type: library
             distribution-repository: package
-            package-name: pubnub-7.3.0
+            package-name: pubnub-7.3.1
             location: https://pypi.org/project/pubnub/
             supported-platforms:
               supported-operating-systems:
@@ -97,8 +97,8 @@ sdks:
           -
             distribution-type: library
             distribution-repository: git release
-            package-name: pubnub-7.3.0
-            location: https://github.com/pubnub/python/releases/download/v7.3.0/pubnub-7.3.0.tar.gz
+            package-name: pubnub-7.3.1
+            location: https://github.com/pubnub/python/releases/download/v7.3.1/pubnub-7.3.1.tar.gz
             supported-platforms:
               supported-operating-systems:
                 Linux:
@@ -169,6 +169,11 @@ sdks:
                 license-url: https://github.com/aio-libs/aiohttp/blob/master/LICENSE.txt
                 is-required: Required
 changelog:
+  - date: 2023-10-30
+    version: v7.3.1
+    changes:
+      - type: bug
+        text: "Changed license type from MIT to PubNub Software Development Kit License."
   - date: 2023-10-16
     version: v7.3.0
     changes:
diff --git a/CHANGELOG.md b/CHANGELOG.md
index aeead852..539366c3 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,3 +1,9 @@
+## v7.3.1
+October 30 2023
+
+#### Fixed
+- Changed license type from MIT to PubNub Software Development Kit License.
+
 ## v7.3.0
 October 16 2023
 
diff --git a/pubnub/pubnub_core.py b/pubnub/pubnub_core.py
index 1a36a77e..26fed2e1 100644
--- a/pubnub/pubnub_core.py
+++ b/pubnub/pubnub_core.py
@@ -85,7 +85,7 @@
 
 class PubNubCore:
     """A base class for PubNub Python API implementations"""
-    SDK_VERSION = "7.3.0"
+    SDK_VERSION = "7.3.1"
     SDK_NAME = "PubNub-Python"
 
     TIMESTAMP_DIVIDER = 1000
diff --git a/setup.py b/setup.py
index 1cf77183..562cf3ff 100644
--- a/setup.py
+++ b/setup.py
@@ -2,7 +2,7 @@
 
 setup(
     name='pubnub',
-    version='7.3.0',
+    version='7.3.1',
     description='PubNub Real-time push service in the cloud',
     author='PubNub',
     author_email='support@pubnub.com',
@@ -12,7 +12,7 @@
         'Documentation': 'https://www.pubnub.com/docs/sdks/python',
     },
     packages=find_packages(exclude=("examples*", 'tests*')),
-    license='MIT',
+    license='PubNub Software Development Kit License',
     classifiers=(
         'Development Status :: 5 - Production/Stable',
         'Intended Audience :: Developers',
@@ -22,7 +22,7 @@
         'Programming Language :: Python :: 3.9',
         'Programming Language :: Python :: 3.10',
         'Programming Language :: Python :: Implementation :: CPython',
-        'License :: OSI Approved :: MIT License',
+        'License :: Other/Proprietary License',
         'Operating System :: OS Independent',
         'Topic :: Internet :: WWW/HTTP',
         'Topic :: Software Development :: Libraries :: Python Modules',