NEW DELHI: The Securities and Exchange Board of India (SEBI) has directed index providers of ‘significant indices’ to register with it within six months under the Index Provider Regulations to foster transparency and accountability in governance and administration of Indices.

However, index providers whose indices are notified by the Reserve Bank of India (RBI) as ‘significant benchmarks’ or ‘authorised benchmarks’ are exempt.The benchmarks or indices will be considered ‘significant indices’ if the daily average cumulative assets under management (AUM) tracking them across mutual fund schemes exceeds Rs 20,000 crore for each of the previous six months ending June 30 and December 31 each year.SEBI has identified 48 such indices based on AUM data for July-December 2025. They comprise equity and debt benchmarks across providers including NSE Indices, BSE Index Services, and CRISIL.

Once specified by the Board in the list of ‘significant indices’, they shall continue to remain the same, unless the value of cumulative AUM tracking or benchmarking such Index does not meet the specified threshold for a continuous period of three years.“If an entity registered with Sebi in any other capacity, also provides ‘significant indices’ by undertaking index provider activities departmentally, shall be required to form a separate legal entity to carry out the activities of an index provider within a period of two years from the date of this circular,” the circular noted.

The current index providers may continue their operations if they submit their application for registration within the next six months.Further, it clarified that the grievance redressal mechanism shall apply only to ‘significant indices’ provided by the Index Providers registered with SEBI.Accordingly, subscribers' significant indices shall have recourse to grievance redressal under IP Regulations, it added