NIFTY 50

The NIFTY 50 is the 50-company free-float market-capitalisation-weighted equity benchmark of the National Stock Exchange , calculated by NSE Indices Limited and listed by SEBI as a significant index under the SEBI (Index Providers) Regulations 2024 . It was launched on 22 April 1996 with a base value of 1,000 on 3 November 1995.

The index draws its members from the NIFTY 100, admits only stocks that trade in NSE’s futures and options segment, and is reviewed twice a year with changes effective on the last trading day of March and September. On 30 September 2026 its 50 companies were led by HDFC Bank at 10.38 per cent of the index, and Financial Services made up 37.45 per cent, according to the NSE Indices factsheet of that date. The June 2026 methodology document puts the NIFTY 50 at about 66 per cent of the free-float market capitalisation of stocks listed on NSE.

The NIFTY 50 underlies NSE’s only weekly index option since 20 November 2024, is tracked by India’s first exchange-traded fund , Nifty BeES, and serves as an example second-tier benchmark for large-cap mutual funds under SEBI’s two-tier structure of October 2021. The index closed at 22,600.00 on 23 October 2026, 14.2 per cent below its all-time closing high of 26,328.55 reached on 2 January 2026. Its counterpart on BSE is the 30-company Sensex .

History of the NIFTY 50

The NIFTY 50 was launched by NSE on 22 April 1996, back-calculated to a base date of 3 November 1995 at a value of 1,000, and has been computed on free-float market capitalisation since 26 June 2009. Those three dates come from the NIFTY 50 factsheet of 30 September 2026 and the NSE Indices methodology document of June 2026.

Launch and the index company

NSE began equity trading in November 1994 and launched the NIFTY 50 about 17 months later. The company that now runs the index came after it: India Index Services & Products Limited (IISL) was incorporated on 18 May 1998 and renamed NSE Indices Limited on 30 July 2018, according to NSE’s offer document of 2026. IISL therefore did not exist when the index was launched. The factsheet still carries the line “formerly known as India Index Services & Products Limited-IISL” in its disclaimer.

The 2009 move to free-float weighting

From launch until June 2009, each constituent’s weight was proportional to its full market capitalisation, so a company with 75 per cent promoter holding counted at its whole value even though only a quarter of its shares could be bought. Page 18 of the methodology document records the change: “Beginning June 26, 2009, the Nifty 50 is being computed using float-adjusted market capitalization weighted method.” BSE had made the same move for the Sensex on 1 September 2003, almost six years earlier.

Derivatives on the index

NSE launched index futures on the NIFTY 50 on 12 June 2000 and index options on 4 June 2001, the latter date recorded on page 17 of the methodology document. NSE later added weekly NIFTY 50 options. SEBI limited each exchange to one benchmark index weekly from 20 November 2024, and NSE kept the NIFTY 50 (NSE circular NSE/FAOP/64506, 10 October 2024).

Index milestones

NSE’s daily index close files give the dates on which the NIFTY 50 first closed above each round level. The index took nearly 22 years to go from 1,000 to 10,000 and six years more to double from there.

Source: NSE daily index close files (nsearchives.nseindia.com, ind_close_all), read 24 October 2026. The base value is from the NIFTY 50 factsheet.

The fall from 26,129.60 at the end of 2025 to 22,620.45 on 30 September 2026 is the 13.43 per cent year-to-date price decline the factsheet reports for 2026.

Selection rules for the NIFTY 50

A stock qualifies for the NIFTY 50 only if it is a NIFTY 100 constituent available for trading in NSE’s futures and options segment, has traded on 100 per cent of days in the last six months, and has an average impact cost of 0.50 per cent or less for a Rs 10 crore portfolio in 90 per cent of observations. Those are the rules in the NSE Indices methodology document dated June 2026 (version 20260325), and the factsheet states the same basket size as “Rs. 100 Million”.

The eligibility tests

The NIFTY 50 sits on top of a chain of indices: a stock must first be in the NIFTY 500, then the NIFTY 100, and only then is it tested for the NIFTY 50. The table sets out each test as the June 2026 methodology document words it.

Source: NSE Indices, “Nifty Indices Methodology Document”, June 2026, pages 9 to 20.

The NIFTY 100 feeder rules

Because the NIFTY 50 can only pick from the NIFTY 100, the NIFTY 100 rules decide which large companies are in the pool at all. A company enters the NIFTY 100 if it ranks within the top 90 by average full market capitalisation and is available in the futures and options segment, or has average daily turnover above that of the 90th stock; an existing NIFTY 100 constituent is removed only when its rank falls beyond 110. No more than five NIFTY 100 replacements happen at one review. Ranking at this stage is by full market capitalisation, not free float.

Differential voting rights shares

If an existing NIFTY 50 company’s DVR shares qualify, the document states that the index “will have 51 securities but continue to have 50 companies”. The count of 50 in the index name is therefore a count of companies, not of securities.

Free-float market capitalisation and the index formula

Each NIFTY 50 constituent is weighted by its free-float market capitalisation : the share price multiplied by the shares outstanding multiplied by an investible weight factor (IWF), which is the fraction of shares available to ordinary investors. NSE Indices sets the IWF from the shareholding pattern each company files every quarter.

What the investible weight factor excludes

The June 2026 methodology lists 22 categories of holding that are excluded from free float. They include shares held by promoters and the promoter group, by the central and state governments in a strategic capacity, by foreign direct investors, by private equity investors, by employee welfare trusts, and by directors and key managerial personnel, together with shares under lock-in. The document states that “The IWF will be rounded to six decimals.” NSE Indices does not round free float into 5 per cent bands.

Calculating the index level

The index level on any day is the current free-float market capitalisation of the 50 constituents divided by the base-period free-float market capitalisation, multiplied by the base value of 1,000. In practice the base market capitalisation is held as a divisor that NSE Indices adjusts for corporate actions and constituent changes, so that a rights issue, a demerger or a replacement moves the divisor and not the index level. The NIFTY 50 is computed in real time during market hours, and NSE Indices also publishes it in US dollars, Australian dollars, Canadian dollars and Japanese yen.

A one-line example shows the weighting. A company with Rs 10 lakh crore of full market capitalisation and an IWF of 0.50 contributes Rs 5 lakh crore to the index’s free-float total; a company of the same full size with an IWF of 0.80 contributes Rs 8 lakh crore and carries 1.6 times the weight.

Reviews and changes to the NIFTY 50

NSE Indices reviews the NIFTY 50 twice a year on six months of data ending 31 January and 31 July, implements replacements from the last trading day of March and September, and gives four weeks’ notice of each change, under the June 2026 methodology document.

The inclusion rule and the five-company limit

A stock that passes every eligibility test enters the NIFTY 50 only if its average free-float market capitalisation is at least 1.5 times the average free-float market capitalisation of the smallest constituent already in the index. The methodology’s summary table states that an existing stock is excluded “When a better security is available in the replacement pool”. To limit turnover, the document caps additions at “a maximum of 10% of the number of companies in the index (i.e. five companies)” in a calendar year.

The 1.5 times rule is a hurdle for newcomers rather than a rank cut-off. If the smallest constituent averaged Rs 60,000 crore of free-float market capitalisation over the review period, a candidate would need Rs 90,000 crore to displace it. The methodology contains no buffer based on the 51st and 52nd ranked stocks or on a 65th to 70th rank band.

The five-company limit does not bind when a stock must leave for a hard reason. Exclusions because a stock leaves the futures and options segment, fails the impact cost or trading frequency test, merges, demerges, delists, moves to the BZ series, is suspended or is subject to an adverse regulatory order fall outside the cap.

Ad hoc changes between reviews

NSE Indices replaces a NIFTY 50 constituent between scheduled reviews on a merger, demerger, delisting, capital restructuring, a move to the BZ series, the withdrawal of futures and options permission, suspension from the capital market segment, or an adverse regulatory order. For a capital restructuring or a voluntary delisting, the methodology states that “equity shareholders’ approval is considered as a trigger”, so the replacement is announced from the shareholder vote, not from the date the shares stop trading. Demergers are handled under a separate spin-off procedure.

BSE Ltd. in the index

NSE’s NIFTY 50 constituent file, read on 24 October 2026, lists BSE Ltd. under Financial Services (ISIN INE118H01025) and does not list Wipro Ltd. Press reports attributed the swap to the September 2026 review, effective from the last trading day of September; the NSE Indices announcement could not be read at a primary source, so no announcement date or market-capitalisation comparison is stated here. BSE Ltd. is the listed parent of the Bombay Stock Exchange , so the competing exchange became a constituent of NSE’s flagship index, while NSE’s own shares, listed on BSE on 24 September 2026, cannot enter a NIFTY index because they are not listed or traded on NSE. The listing is covered under the NSE IPO .

Who decides

Index governance at NSE Indices has three tiers: the company’s board, the Index Advisory Committee (Equity), and the Index Maintenance Sub-Committee. The methodology document those tiers work to is the version dated June 2026, current as of 24 October 2026.

Constituents and weights on 30 September 2026

The NIFTY 50 had 50 constituents on 30 September 2026, with the ten largest making up 52.27 per cent of the index and five banks among them making up 29.52 per cent, calculated from the weights in the NSE Indices factsheet of that date.

The ten largest constituents

The factsheet publishes the top ten weights each month. The table gives them for 30 September 2026.

Source: NSE Indices, NIFTY 50 factsheet, 30 September 2026.

HDFC Bank , ICICI Bank and Reliance Industries together weighed 27.01 per cent. Infosys, the only information technology company in the top ten, ranked eighth at 3.35 per cent.

Sector weights

NSE Indices classifies constituents into its own industry groups. Financial Services, at 37.45 per cent, was larger than the next five sectors combined (34.16 per cent).

Sources: weights from the NSE Indices NIFTY 50 factsheet, 30 September 2026; constituent counts from NSE’s NIFTY 50 constituent file read on 24 October 2026.

All 50 constituents by sector

NSE publishes the full constituent list with each company’s industry. The list below is NSE’s file as read on 24 October 2026.

Source: NSE, NIFTY 50 constituent list (ind_nifty50list.csv), read 24 October 2026.

The information technology group has four companies and 7.52 per cent of the index, smaller than Oil, Gas and Consumable Fuels with three.

Returns and valuation of the NIFTY 50

The NIFTY 50 price index returned 10.61 per cent a year since inception to 30 September 2026, and the total return index, which reinvests dividends, returned 12.12 per cent a year, according to the NSE Indices factsheet of 30 September 2026. The difference of about 1.5 percentage points a year is the contribution of dividends.

Source: NSE Indices, NIFTY 50 factsheet, 30 September 2026. Periods of one year or less are absolute returns; longer periods are compound annual growth rates.

The NIFTY 50 Total Return Index is the series a mutual fund must use when it reports performance against the NIFTY 50, under SEBI circular SEBI/HO/IMD/DF3/CIR/P/2018/04 of 4 January 2018, which applied from 1 February 2018.

On valuation, the factsheet gives a price-to-earnings ratio of 19.36, a price-to-book ratio of 2.78 and a dividend yield of 1.22 for 30 September 2026. NSE’s daily close file for 23 October 2026 shows a P/E of 19.05 at the close of 22,600.00. The factsheet’s annualised standard deviation of daily returns was 13.42 per cent over one year, 13.82 per cent over five years and 22.39 per cent since inception.

Concentration limits that apply to the NIFTY 50

The NIFTY 50 methodology sets no cap on the weight of a single stock or of the top three stocks. The 33 per cent single-stock and 62 per cent top-three caps in the June 2026 methodology document apply to sectoral indices, and the NIFTY Bank carries tighter caps of 19, 14 and 10 per cent on its three largest members. A NIFTY 50 single-stock cap of 10 or 33 per cent, as sometimes stated, is incorrect; the NIFTY 50 index fund page carries the corrected position.

SEBI’s limits for indices tracked by ETFs and index funds

The binding concentration limits come from SEBI’s rules for passive funds. SEBI circular SEBI/HO/IMD/DF3/CIR/P/2019/011 of 10 January 2019 requires an index tracked by an ETF or index fund to have at least 10 stocks, no stock above 25 per cent (35 per cent for a sectoral or thematic index), and “top three constituents … cumulatively shall not be more than 65%”. Each constituent must have traded on at least 80 per cent of days and had an impact cost of 1 per cent or less over six months, and compliance is checked at each calendar quarter end. The rule now sits at paragraph 4.3 of the SEBI Master Circular for Mutual Funds of 20 March 2026.

Against those limits, the NIFTY 50 on 30 September 2026 had a largest weight of 10.38 per cent (HDFC Bank) and a top-three weight of 27.01 per cent, well inside the 25 and 65 per cent ceilings.

SEBI’s limits for non-benchmark index derivatives

SEBI circular SEBI/HO/MRD/TPD-1/P/CIR/2025/79 of 29 May 2025 set separate rules for derivatives on non-benchmark indices from 3 November 2025: at least 14 constituents, a largest weight of 20 per cent or less, and a top-three weight of 45 per cent or less. SEBI’s consultation paper of 18 August 2025 named only the NIFTY Bank (12 constituents) and the NIFTY Financial Services (20) as the NSE indices affected, and did not name the NIFTY 50. On the factsheet figures for 30 September 2026, the NIFTY 50 would pass all three tests in any case: 50 constituents against a minimum of 14, a largest weight of 10.38 per cent against 20, and a top three of 27.01 per cent against 45. The changes the rule forced on the Bank Nifty are a separate matter.

NIFTY 50 derivatives

The NIFTY 50 is the underlying of NSE’s index futures and its only weekly index option, with a lot size of 65 units from the January 2026 contracts and Tuesday expiry for contracts expiring on or after 1 September 2025.

Weekly options since November 2024

SEBI circular SEBI/HO/MRD/TPD-1/P/CIR/2024/132 of 1 October 2024 limited each exchange to weekly options on one benchmark index from 20 November 2024 and set a minimum contract value of Rs 15 lakh at introduction. NSE circular NSE/FAOP/64506 of 10 October 2024 discontinued the other weekly index options, leaving the NIFTY 50 weekly. The withdrawn contracts are listed under the Bank Nifty weekly expiry phase-out .

Tuesday expiry

SEBI circular SEBI/HO/MRD/MRD-TPD-1/P/CIR/2025/76 of 26 May 2025 confined equity derivative expiries to Tuesday or Thursday, and NSE moved to Tuesday for contracts expiring on or after 1 September 2025. NIFTY 50 weekly options now expire every Tuesday, and monthly futures and options on the last Tuesday of the month, with a Tuesday holiday moving expiry to the previous trading day. A Thursday expiry for the NIFTY 50 is out of date: it applied only to contracts expiring before 1 September 2025. The 2026 options expiry calendar lists the dates.

Lot size

NSE circular NSE/FAOP/70616 (Circular Ref. 176/2025) of 3 October 2025 reduced the NIFTY 50 lot from 75 to 65 under the lot-size review in SEBI’s Master Circular for Stock Exchanges and Clearing Corporations, SEBI/HO/MRD-PoD2/CIR/P/2024/00181 of 30 December 2024. The last weekly contract at 75 expired on 23 December 2025 and the first at 65 on 6 January 2026; the last monthly at 75 expired on 30 December 2025 and the first at 65 on 27 January 2026.

At the 23 October 2026 close of 22,600.00, one lot of 65 units had a notional value of Rs 14,69,000. A 65-unit lot is worth less than Rs 15 lakh at any index level below 23,077, so the lot is now below the figure SEBI’s October 2024 circular set for contracts at introduction. Tick size, margins and settlement are in the NIFTY futures contract specifications .

GIFT Nifty

Offshore traders reach the index through GIFT Nifty, a US dollar NIFTY 50 futures contract on NSE IX at GIFT City , Gandhinagar. Trading through the NSE IX-SGX GIFT Connect began on 29 July 2022 and full-scale operations, which moved the old SGX Nifty volume to GIFT City, began on 3 July 2023. The GIFT Nifty page covers the contract, and GIFT City Nifty futures via Zerodha covers access from India.

Profits on NIFTY 50 futures and options are treated as business income; F&O taxation in India sets out the treatment.

The NIFTY 50 as a mutual fund benchmark

SEBI requires every mutual fund scheme to benchmark against a total return index and, for actively managed schemes, against a first-tier benchmark that reflects its SEBI category. For a large-cap fund, the first-tier benchmark is a 100-stock index, not the NIFTY 50.

Total return benchmarking from February 2018

SEBI circular SEBI/HO/IMD/DF3/CIR/P/2018/04 of 4 January 2018 required all schemes to compare performance with the total return variant of their benchmark “with effect from February 1, 2018”. A NIFTY 50 index fund therefore reports against the NIFTY 50 TRI, not the price index. The rule now sits at paragraph 7.23 of the SEBI Master Circular for Mutual Funds of 20 March 2026; the TRI benchmarking article explains the effect on reported outperformance.

The two-tier structure from December 2021

SEBI circular SEBI/HO/IMD/IMD-II DF3/P/CIR/2021/652 of 27 October 2021, titled “Guiding Principles for bringing uniformity in Benchmarks of Mutual Fund Schemes”, created the two-tier benchmark structure, effective 1 December 2021 for equity schemes. Its own example gives “S&P BSE 100 Index or NSE 100 Index for Large Cap Fund Category” as the first tier and “Nifty 50 Index” as an example second-tier benchmark. Index funds and ETFs carry a single benchmark, and the second tier is optional for active schemes. A NIFTY 50 first-tier benchmark for a large-cap fund, and a December 2021 date for the circular, are both incorrect. The structure is now at paragraph 7.22 of the 20 March 2026 master circular, and Tier 1 and Tier 2 benchmarks explains how to read them.

Large cap means the top 100, not the NIFTY 50

Paragraph 3.9.1 of the 20 March 2026 master circular defines large cap as the “1st -100th” companies by full market capitalisation, mid cap as the 101st to 250th, and small cap as the 251st onwards, using the half-yearly list published by AMFI . The definition goes back to the scheme rationalisation circular of 6 October 2017. A large-cap mutual fund that holds 80 per cent in the top 100 complies even if half its equity is outside the NIFTY 50.

Index funds and ETFs that track the NIFTY 50

Passive NIFTY 50 products in India date to the UTI Mutual Fund Nifty 50 Index Fund, whose inception date is 6 March 2000 according to UTI’s factsheet, and to Nifty BeES, India’s first exchange-traded fund, allotted on 28 December 2001 according to the Nippon India Key Information Memorandum.

Nifty BeES and other ETFs

Nifty BeES was launched by Benchmark Asset Management Company and is now run by Nippon India Mutual Fund as Nippon India ETF Nifty 50 BeES. A NIFTY 50 ETF trades on the exchange through a demat account , and its market price can drift from its net asset value during the day. The steps are in how to invest in a NIFTY 50 ETF .

Index funds

A NIFTY 50 index fund is bought and redeemed with the AMC at the day’s net asset value, without a demat account. The index fund versus ETF article compares the two structures, and costs are governed by the total expense ratio caps in Regulations 66 and 67 of the SEBI (Mutual Funds) Regulations 2026. The gap between a fund’s return and the NIFTY 50 TRI is its tracking error and tracking difference.

Tax on NIFTY 50 funds

A NIFTY 50 index fund or ETF is an equity-oriented fund because it holds Indian equity shares. Under the Income-tax Act 2025, in force since 1 April 2026, gains on units held for more than 12 months are taxed at 12.5 per cent on the amount above Rs 1.25 lakh a year under section 198, the successor to section 112A , and gains on units held for 12 months or less at 20 per cent under section 196, the successor to section 111A . Securities Transaction Tax applies on the sale of ETF units on the exchange. The capital gains tax article has the full treatment.

Regulation of the NIFTY 50 as an index

The NIFTY 50 falls under SEBI’s index provider regime: SEBI’s circular of 5 May 2026 listed it among 48 significant indices, and NSE Indices Limited must apply for registration under the SEBI (Index Providers) Regulations 2024 within six months of that circular.

The regulations were notified as SEBI/LAD-NRO/GN/2024/167, published in the Gazette of India on 8 March 2024, and came into force on the 180th day after publication, which falls on 4 September 2024. A registered index provider must hold a net worth of at least Rs 25 crore. The regulations were last amended on 28 November 2024 (GN/2024/212).

SEBI circular HO/47/17/12(8)2025-MRD-POD2 of 5 May 2026 defines a significant index as one tracked or benchmarked by mutual fund schemes with daily average assets above Rs 20,000 crore in each of the previous six months. It lists 48 indices; the NIFTY 50 is entry 21, with NSE Indices Limited as the provider. Providers must apply for registration within six months, which runs to 5 November 2026, and a provider that runs its index business departmentally must move it into a separate legal entity within two years.

NIFTY 50 and Sensex compared

The NIFTY 50 and the Sensex are both free-float weighted large-cap indices, but they differ in size, base, provider and the exchange on which their derivatives trade.

Sources: NIFTY 50 factsheet, 30 September 2026; NSE Indices methodology document, June 2026; SEBI circular of 5 May 2026; the Sensex entry.

Asia Index Private Limited is not the current Sensex provider: SEBI’s significant-indices circular of 5 May 2026 names BSE Index Services Pvt. Ltd. Passive Sensex products are covered under Sensex index fund and Sensex ETF .

Sector skew and coverage of the free float

The NIFTY 50’s tilt towards financial companies comes from its weighting rule: weights are free-float market capitalisation with no index-level cap, so the largest listed lenders take the largest weights, while state-controlled companies such as Coal India, NTPC and ONGC carry lower weights because the government’s strategic holding is excluded from their IWF. Wider exposure sits in the NIFTY 100, tracked by a NIFTY 100 index fund , and the 500-company NIFTY 500 TRI ; the tier below the NIFTY 50 is the NIFTY Next 50 index fund , and the midcap tier the NIFTY Midcap 150 TRI .

The index is also not the whole of the Indian large-cap market. At about 66 per cent of NSE’s free-float market capitalisation under the June 2026 methodology document, it leaves roughly a third of the listed free float outside, and the SEBI definition of large cap covers 100 companies, twice the NIFTY 50 count.

See also

• Muhurat trading
• National Stock Exchange
• NSE Indices Limited
• National Stock Exchange IPO
• Bombay Stock Exchange
• Sensex
• Sensex index fund
• Sensex ETF
• NIFTY 50 TRI
• NIFTY 50 index fund
• NIFTY 50 ETF
• Nifty BeES
• NIFTY 100 index fund
• NIFTY Next 50 index fund
• NIFTY 500 TRI
• NIFTY Midcap 150 TRI
• NIFTY Bank TRI
• Bank Nifty
• Bank Nifty weekly expiry phase-out
• NIFTY futures contract specifications
• NIFTY weekly expiry on Zerodha
• Options expiry dates 2026
• Lot size revision in F&O, 2024
• GIFT Nifty
• GIFT City
• GIFT City Nifty futures via Zerodha
• Impact cost
• Free-float market capitalisation
• SEBI (Index Providers) Regulations 2024
• SEBI
• SEBI Master Circular for Mutual Funds 2026
• SEBI scheme rationalisation circular 2017
• TRI benchmarking
• Tier 1 and Tier 2 mutual fund benchmarks
• Large-cap mutual funds in India
• Large-cap fund versus index fund
• Index funds in India
• ETFs in India
• Index fund versus ETF
• Tracking error
• Mutual fund TER in India
• Passive investing wave in India
• How to invest in a NIFTY 50 ETF
• How to buy a NIFTY 50 ETF on Zerodha
• Mutual funds in India
• AMFI
• Demat account
• Capital gains tax in India
• Section 112A
• Section 111A
• Securities Transaction Tax
• F&O taxation in India
• Closing Auction Session
• NSE Clearing

External references

• NSE Indices, Nifty Indices Methodology Document, June 2026
• NSE Indices, NIFTY 50 factsheet
• NSE, NIFTY 50 constituent list
• NSE circular NSE/FAOP/70616, 3 October 2025, revision of lot size
• SEBI circular SEBI/HO/IMD/DF3/CIR/P/2019/011, 10 January 2019, norms for ETFs and index funds
• SEBI circular SEBI/HO/IMD/IMD-II DF3/P/CIR/2021/652, 27 October 2021, benchmarks of mutual fund schemes
• SEBI circular of 5 May 2026 on significant indices
• SEBI Master Circular for Mutual Funds, 20 March 2026

References

1. NSE Indices Limited, “Nifty Indices Methodology Document”, June 2026 (version 20260325), pages 9 to 20.
2. NSE Indices Limited, NIFTY 50 factsheet, 30 September 2026.
3. National Stock Exchange of India, daily index close files (ind_close_all), 26 July 2017 to 23 October 2026, and NIFTY 50 constituent list, read 24 October 2026.
4. SEBI circular SEBI/HO/IMD/DF3/CIR/P/2018/04, “Benchmarking of Scheme’s performance to Total Return Index (TRI)”, 4 January 2018.
5. SEBI circular SEBI/HO/IMD/IMD-II DF3/P/CIR/2021/652, “Guiding Principles for bringing uniformity in Benchmarks of Mutual Fund Schemes”, 27 October 2021.
6. SEBI circular SEBI/HO/IMD/DF3/CIR/P/2019/011, norms for schemes investing in ETFs and index funds, 10 January 2019.
7. SEBI circular SEBI/HO/MRD/TPD-1/P/CIR/2024/132, “Measures to strengthen Equity Index Derivatives framework for increased investor protection and market stability”, 1 October 2024; and SEBI circular SEBI/HO/MRD/TPD-1/P/CIR/2025/79, 29 May 2025.
8. SEBI circular SEBI/HO/MRD/MRD-TPD-1/P/CIR/2025/76, on expiry days of equity derivatives, 26 May 2025; and NSE circular NSE/FAOP/70616, 3 October 2025.
9. SEBI (Index Providers) Regulations 2024, notification SEBI/LAD-NRO/GN/2024/167, Gazette of India, 8 March 2024; and SEBI circular HO/47/17/12(8)2025-MRD-POD2 on significant indices, 5 May 2026.
10. SEBI Master Circular for Mutual Funds, HO/24/13/11(1)2026-IMD-POD-1/I/7602/2026, 20 March 2026, paragraphs 3.9.1, 4.3, 7.22 and 7.23.