SEBI Defines ‘Significant Indices’ Under 2024 Regulations

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  • Last Updated on 7 May, 2026

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SEBI significant indices regulations

Circular No. HO/47/17/12(8)2025-MRD-POD2, Dated 05.05.2026

The Securities and Exchange Board of India (SEBI) has issued a circular laying down the framework for identification of ‘Significant Indices’ under the SEBI (Index Providers) Regulations, 2024.

1. Criteria for Significant Indices

An index shall qualify as a ‘Significant Index’ where:

  • The average cumulative mutual fund AUM linked to the index
  • Exceeds ₹20,000 crore
  • During the preceding six months

2. Registration Requirement for Index Providers

  • The circular also prescribes registration requirements applicable to index providers associated with such indices

This aims to ensure:

  • Proper regulatory oversight
  • Enhanced transparency and governance

3. Initial List of Significant Indices

The initial list notified by SEBI includes:

  • Sensex-based indices
  • Nifty-based indices
  • Other eligible indices meeting the prescribed threshold

4. Objective of the Framework

The framework seeks to:

  • Identify indices with significant investor exposure and market impact
  • Strengthen accountability and standardisation among index providers
  • Enhance market integrity and investor confidence

5. Regulatory Impact

The framework will:

  • Bring key index providers under a structured regulatory regime
  • Improve transparency in index construction and administration
  • Align Indian practices with evolving global regulatory standards

6. Conclusion

SEBI’s framework for Significant Indices marks an important step towards formal regulation of index providers, recognising the growing importance of benchmark indices in investment products and capital markets.

Click Here To Read The Full Circular

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Author: Taxmann

Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.

The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:

  • The statutory material is obtained only from the authorized and reliable sources
  • All the latest developments in the judicial and legislative fields are covered
  • Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
  • Every content published by Taxmann is complete, accurate and lucid
  • All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
  • The golden rules of grammar, style and consistency are thoroughly followed
  • Font and size that's easy to read and remain consistent across all imprint and digital publications are applied