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.
Who is affected
- — Index providers listed in Annexure A
- — SEBI-registered entities running Significant Indices
- — Index governance teams monitoring mutual-fund benchmark AUM
What to watch
- — 5 November 2026 — registration applications due six months from the circular date
- — 5 May 2028 — separate legal entity deadline for SEBI-registered entities running Significant Indices departmentally