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.