State Bank of India, in partnership with FTSE Russell, on Friday brought out a new index series at the London Stock Exchange to enable investors and market participants to track Indian bond movement. FTSE Russell is a global data and analytics provider. The FTSE SBI Bond Index Series "demonstrates SBI's commitment to play befitting leadership role" in development of India's bond market, State Bank of India (SBI) said in a statement. "We have teamed up with FTSE Russell to launch the FTSE- SBI Bond Index Series. This index will act as a key benchmark for Indian debt for foreign investors looking to invest in Indian debt market," SBI Chairman Arundhati Bhattacharya said in the statement. It will significantly contribute to development and broadening of the Indian bond market, Bhattacharya hoped. The index series, SBI said, provides the global investor community and other market participants the tools they need to analyse India's bond market. The launch follows the November 2015 visit of Prime Minister Narendra Modi in the UK when a letter of intent was singed between SBI and FTSE to jointly develop the new index tracking Indian fixed income securities. This initiative was also announced as a priority under the India UK Financial Partnership (IUKFP), SBI said further. "Today's launch of this innovative index series demonstrates SBI's commitment to play befitting leadership role in development of India's bond market.
This index is also an important enabler of India-focused funds and is expected to facilitate investment flows," the bank said. SBI stock traded 2.63 per cent down at Rs 261.45 on the BSE, post noon.