Sebi Mandates Registration for Significant Index Providers in India
Sebi asks 'significant indices' providers to register within six months
Business Standard
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The Securities and Exchange Board of India (Sebi) has mandated that providers of 'significant indices' must register within six months under new regulations. Exemptions apply for indices recognized by the Reserve Bank of India, with 48 indices identified based on asset management data.
- 01Sebi requires registration for index providers of significant indices within six months.
- 02Exemptions are in place for indices recognized as significant by the Reserve Bank of India.
- 03An index is deemed significant if its average cumulative assets exceed ₹20,000 crore (approximately $2.4 billion USD).
- 0448 indices have been identified as significant based on data from July-December 2025.
- 05Current providers can continue operations if they apply for registration within the stipulated period.
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The Securities and Exchange Board of India (Sebi) has issued a directive requiring index providers of 'significant indices' to register with the regulator within six months. This regulation applies to those indices whose daily average cumulative assets under management (AUM) exceed ₹20,000 crore (approximately $2.4 billion USD) over a six-month period. However, indices recognized by the Reserve Bank of India (RBI) as 'significant benchmarks' are exempt from this requirement. Sebi has identified 48 significant indices, including equity and debt benchmarks from providers such as NSE Indices, BSE Index Services, and CRISIL, based on AUM data for the second half of 2025. Once classified as significant, an index will retain this status unless its AUM falls below the threshold for three consecutive years or six half-yearly reviews. Additionally, entities already registered with Sebi must form a separate legal entity for index provider activities within two years if they wish to offer significant indices. Grievance redressal will only be available for registered providers.
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This regulation will enhance the accountability and transparency of index providers in India, ensuring better governance in the financial markets.
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