Sebi asks 'significant indices' providers to register within six months

Sebi has directed providers of 'significant indices' to register within six months under the Index Provider Regulations, while exempting certain RBI-notified benchmarks

The Securities and Exchange Board of India (Sebi) has directed index providers of ‘significant indices’ to register with the market regulator within the next six months under the Index Provider Regulations.

 

However, index providers whose indices are notified by the Reserve Bank of India (RBI) as ‘significant benchmarks’ or ‘authorised benchmarks’ are exempt.

 

As per the definition, benchmarks or indices will be considered ‘significant indices’ if the daily average cumulative assets under management (AUM) tracking them across mutual fund schemes exceeds ₹20,000 crore for each of the previous six months ending June 30 and December 31 each year.

 

Sebi has identified 48 such indices based on AUM data for July-December 2025. These include equity and debt benchmarks across providers such as NSE Indices, BSE Index Services, and CRISIL.

 

Once classified, an index will remain in the ‘significant’ category unless its tracked AUM falls below the threshold for three consecutive years or six consecutive half-yearly reviews.

 

“If an entity registered with Sebi in any other capacity, also provides ‘significant indices’ by undertaking index provider activities departmentally, shall be required to form a separate legal entity to carry out the activities of an index provider within a period of two years from the date of this circular,” the circular noted.

 

The current index providers may continue their operations if they submit their application for registration within the next six months.

 

Grievance redressal under the regulations will be available only for registered providers offering ‘significant indices’.