Global financial market indexing and ratings major Standard and Poor's (S&P's) has ended its licensing agreement for benchmark indices of the National Stock Exchange, pursuant to which the Indian bourse can not use S&P name for any of its products.
S&P had a licensing arrangement with India Index Services & Products Ltd (IISL), a joint venture between NSE and Indian ratings agency and S&P group firm Crisil, under which the Indian bourse was using S&P trademark in the names of its various indices including market benchmark Nifty.
However, the licensing agreement has expired with effect from January 31, 2013, IISL said today in a statement.
"Consequently, the trademarks 'S&P' shall not be used henceforth (in the name of IISL indices)," it added.
As a result, S&P CNX Nifty Index has been renamed as CNX Nifty Index, while 'S&P' trademark has also been dropped from names of other indices -- namely Defty, Nifty Dividend, CNX 500, Nifty Shariah, CNX 500 Shariah and CNX Industry Indices.
