In a recent circular, SEBI classified benchmark indices as ‘Significant Indices’ if the daily average assets under management tracking the index across mutual fund schemes exceeds Rs 20,000 crore for each of the past six months, as on June 30 and December 31 each year.

Currently, the regulator has specified 48 indices offered by BSE, NSE and CRISIL as significant indices based on cumulative assets tracked for the period between July to December 2025. This includes broad-based indices, sectoral indices and debt indices.

Further, the regulator has also clarified that an index classified in the list of significant indices will continue to remain in the list unless the value of cumulative assets tracking or benchmarking the index does not meet the Rs 20,000 crore threshold for a continuous period of three years (including six half-yearly reviews).

The regulator asked index providers, except indices put under ‘Significant Benchmarks’ or ‘Authorized Benchmarks’ by RBI, who provide any of these 48 indices to submit an application or registration as index providers within six months.

Other entities who provide significant indices but are registered with SEBI in any other capacity have been directed to form a separate legal entity within two years to carry out the activities of an index provider. The grievance redressal mechanism will also be available to the significant indices provided by the index providers and thereby to their subscribers.