SEBI sets registration rules for significant index providers
→Index providers must register with SEBI for listed Significant Indices
Change
SEBI required providers of listed Significant Indices to apply for index-provider registration within six months from 5 May 2026.
Why it matters
SEBI defined Significant Indices using a ₹20,000 crore mutual-fund AUM threshold. Listed index providers must register unless their indices are RBI-notified Significant Benchmarks or Authorised Benchmarks. SEBI-registered entities running Significant Indices departmentally must create a separate legal entity within two years.
Implications
- → Index providers listed in Annexure A must apply for SEBI registration within six months — unregistered index-provider activity breaches the circular.
- → SEBI-registered entities running Significant Indices departmentally must form a separate legal entity within two years — continuing within the same entity breaches the separation requirement.
- → Index governance teams must test benchmark AUM at each half-yearly review — indices remain Significant unless the threshold is missed for six consecutive reviews.
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