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Informist, Tuesday, May 5, 2026

 

MUMBAI – The Securities and Exchange Board of India has finalised the list of 'significant indices', which are used by mutual funds to benchmark, and specified the threshold such indices should meet to continue remaining so. In a circular addressed to index providers, the market regulator has specified that an index based on listed securities will be considered 'significant' if the daily average cumulative asset under management tracking the index across schemes of mutual funds exceeds INR 200 billion for six-month periods each year, that is, Jan-Jun and Jul-Dec. 

 

Further, an index specified by SEBI in the list of 'significant indices' will remain in the list unless the value of cumulative AUM tracking or benchmarking such index does not meet the INR-200-billion threshold for a continuous period of three years, that is, six consecutive half-yearly reviews, the capital market watchdog said in a circular. 

 

As per the circular, SEBI has classified 48 indices as 'significant indices' that mutual funds can benchmark with. This list also includes the headline Nifty 50 and BSE Sensex indices, alongside the Nifty 100, Nifty 200, and Nifty 500 indices and their corresponding peers on the BSE. A few indices gauging sectors such as healthcare, infrastructure, banking, financial services were also on SEBI's list. The market regulator said this list was based on the cumulative AUM of schemes of mutual funds tracking the benchmark or index between July 2025 to December 2025.       

 

Additionally, SEBI has directed that an index provider providing indices which comes under the list as on the date of the circular, may continue to carry on its activity, provided it submit an application for registration as an index provider to SEBI within six months from the date of the circular. 

 

If an entity registered with SEBI also provides 'significant indices' by undertaking index provider activities departmentally, it is required to form a separate legal entity within a period of two years from the date of the circular to continue remaining one. The provisions of this circular will come into effect immediately, SEBI said.  End

 

Reported by Gopika Balasubramanium

Edited by Avishek Dutta

 

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