India Index Services to rebrand products

In order to increase the acceptability of its products worldwide, India Index Services & Products Ltd. (IISPL) will include Nifty to all its indices, a top official of NSE said on Tuesday.

The IISPL is an NSE group company and a leading index provider.

"Over the years, Nifty 50 has become synonymous with Indian equity market both domestically and internationally," Chitra Ramkrishna, MD and CEO of NSE, was quoted as saying in a statement.

"Inclusion of Nifty in the name of IISL's indices will enhance the acceptability of products linked to Nifty family worldwide. Ever increasing participation in Nifty indices indicates that interests in Indian market are growing," she said.

As per the latest development, IISPL will rebrand all its indices including CNX Nifty, CNX 100, CNX 200, CNX 500, CNX Midcap, CNX Smallcap and others.

As part of the rebranding initiative, IISPL proposes to rebrand all its existing indices to include 'Nifty' in the name of its indices as Nifty has become a strong brand name amongst the investors tracking Indian capital markets.

NSE's flagship "CNX Nifty" index will be rebranded as"Nifty 50" index.

Nifty 50 options traded on NSE are the largest traded contract globally in equity index options category.

In addition to NSE, Nifty derivatives are also traded on Singapore Exchange Ltd., Chicago Mercantile Exchange Inc and Osaka Exchange Inc, the statement said.

Further, 97 percent of total asset under management of equity ETFs (exchange traded funds) in India is linked to Nifty family of indices.

Total ETF assets under management tracking Nifty family of indices globally (domestic and international) is $ 2,240 million.

As on August 31, 2015, there are six international ETFs and 11 domestic ETFs and 14 index funds based on Nifty 50 Index.

Further, 18 domestic ETFs and index funds are linked to other IISL indices, the statement added.