Procedure for Registration of Index Providers with SEBI

Priya Gandhi

Priya Gandhi

Published on: Mar 25, 2026

Aakanksha Singhal

Updated on: Mar 25, 2026

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The registration of Index Providers (IPs) is governed by the SEBI (Index Providers)Regulations, 2024. These regulations mandate that any entity administering “Significant Indices” (indices tracked by Indian mutual funds or used for products in India) must obtain a certificate of registration from SEBI.

Applicable Provisions

Regulation 4, 5, 6, 7, 8, 9, 10, 11 of SEBI (Index Providers) Regulations, 2024

Mandatory Requirements

1. Applicant shall:
   • Be an incorporated company*
   • Have a minimum net worth of Rs. 25 Crore
   • Possess the necessary infrastructure and a team of qualified professionals to handle index operations
2. Applicant, along with its promoters and directors, must satisfy SEBI’s “Fit and Proper” criteria regarding character and financial integrity.

Note: An individual, HUF, or AOP cannot be a SEBI-registered IP.

Procedure

1. Ensure Meeting Capital Adequacy and Net Worth Requirements:

   Applicant seeking registration as IP, must ensure a minimum NW of Rs. 25 Crore, which must be maintained on an ongoing basis throughout the period of registration.

2. Filing of Application:

   • Applicant must make an online application, to SEBI, in Form A (Application for Grant of Certificate of Registration), through SEBI Intermediary Portal, along with:

     • Supporting documents mentioned in the First Schedule, and
     • Prescribed non-refundable fee, as specified in Part A (Amount to be Paid as Fees) of the Second Schedule, which must be paid using the method specified in Part B of the same Schedule.

     Note:

     • Weblink for making application: (https://siportal.sebi.gov.in)
     • User Manual for Registration is available at (https://siportal.sebi.gov.in/intermediary/index.html)
   • Applicants must pay the required fees via direct bank credit through the online SEBI Payment Gateway
   • Submit Compliance Assessment Report (issued within the last 12 months) from an independent external auditor along with application, proving that applicant follow all International Organization of Securities Commissions (IOSCO) financial benchmark standards.
   • If applicant doesn’t have Compliance Assessment report yet, applicant can still apply by explaining why in writing and providing a formal promise (undertaking) to submit the report within 6 months after SEBI grants registration.
3. Regulatory Authority to Seek Clarifications:
   • Board (SEBI) has the right to ask the applicant to provide extra information or clarification about anything related to the Index Provider’s activities while reviewing the application.
   • Applicant or their representative must attend a meeting with SEBI (if requested) for a personal discussion about the certificate.
4. Grant of Registration Certificate:
   • After reviewing the application and finding the applicant eligible (based on regulations), SEBI will send an official notice (intimation) of its satisfaction.
   • Upon receiving SEBI’s notice, the applicant must pay the prescribed registration fee.
   • Once the fee is paid, SEBI will issue the final Certificate of Registration in Form B.
5. Key Note Points for IPs:

   An Index Provider shall:

   • Abide by the Code of Conduct as specified in the Third Schedule
   • Establish a Robust Methodology for index calculation that is objective, clearly documented, and based on measurable data to ensure the index accurately represents the market it tracks.
   • Maintain Independent Governance by establishing an oversight committee to review index methodology, changes, and potential anomalies in data.
   • Ensure Data Integrity by using reliable data sources and implementing internal controls to identify and correct errors in index calculation or dissemination.
   • Publicly Disclose Index Information, including the methodology, constituent details, and periodic rebalancing schedules, to ensure all market participants have equal access to information.
   • Maintain Records for Audit, preserving all data, calculation sheets, and communications related to index management for a minimum period of eight years.
   • Establish a Grievance Redressal Mechanism to address complaints from stakeholders regarding index calculation, data usage, or methodology changes.
   • Notify SEBI of Material Changes, informing the Board immediately of any significant changes in the management, methodology, or financial status of the provider.

Abbreviations Used

• SEBI: Securities and Exchange Board of India
• NW: Net Worth
• IP: Index Provider
• IOSCO: International Organization of Securities Commissions
• HUF: Hindu Undivided Families
• AOP: Association of Persons

Important Links

• https://www.sebi.gov.in/index.html
• https://siportal.sebi.gov.in/intermediary/index.html