World Investor Week Nov 22-28, 2021

Message from Chairman, SEBI

List of benchmark indices intended to used by AMCs as 1st tier benchmarks


Please click here to download the file.
Sr.No.CategoryFund CategoryTier 1 Benchmark - NSES&P BSE IndexCrisil IndicesMSCI
1DebtOvernight FundNIFTY 1D Rate IndexCRISIL Overnight Index
2DebtLiquid FundNIFTY Liquid IndexS&P BSE Liquid Rate TRICRISIL Liquid Debt Index
3DebtUltra Short Duration FundNIFTY Ultra Short Duration Debt IndexCRISIL Ultra Short Term Debt Index
4DebtLow Duration FundNIFTY Low Duration Debt IndexCRISIL Low Duration Debt Index
5DebtMoney Market FundNIFTY Money Market IndexCRISIL Money Market Index
6DebtShort Duration FundNIFTY Short Duration Debt IndexCRISIL Short Term Bond Index
7DebtMedium Duration FundNIFTY Medium Duration Debt IndexCRISIL Medium Term Debt  Index
8DebtMedium to Long Duration FundNIFTY Medium to Long Duration Debt IndexCRISIL Composite Bond Index
9DebtLong Duration FundNIFTY Long Duration Debt IndexCRISIL Long Term Debt Index
10DebtDynamic Bond FundNIFTY Composite Debt IndexCRISIL Composite Bond Index
11DebtCorporate Bond FundNIFTY Corporate Bond IndexCRISIL Corporate Bond Composite Index
12DebtCredit Risk FundNIFTY Credit Risk Bond IndexCRISIL Short Term Credit Risk Index
13DebtBanking and PSU FundNIFTY Banking and PSU Debt IndexCRISIL Banking and PSU Debt Index
14DebtGilt FundNIFTY All Duration G-Sec IndexCRISIL Dynamic Gilt Index
15DebtGilt Fund with 10 year constant duration FundNIFTY 10 Yr Benchmark G-Sec indexS&P BSE10 Year Sovereign Bond IndexCRISIL 10 Year Gilt Index
16DebtFloater FundBased on maturityBased on maturity profile of the fund0-.25 Mac D- CRISIL Liquid Fund Index.25 - .5 Mac D- CRISIL Ultra short Term Debt Index.5 - 1 Mac D- CRISIL low duration debt index1-3 Mac D- CRISIL Short term bond fund index3-4 Mac D- CRISIL Medium Term Debt Index4-7 Mac D- CRISIL Medium to Long Term Debt IndexMore than 7 Mac D- CRISIL Long Term Debt Index
17EquityMulti Cap FundNifty 500 Multicap 50:25:25S&P BSE 500 TRI
18EquityLarge Cap FundNIFTY 100S&P BSE 100 TRI
19EquityLarge & Mid Cap FundNIFTY Large Midcap 250S&P BSE 250 Large MidCap TRI
20EquityMid Cap FundNIFTY Midcap 150S&P BSE Midcap 150 TRI
21EquitySmall Cap FundNIFTY Smallcap 250S&P BSE 250 SmallCap TRI
22EquityELSSNIFTY 500S&P BSE 500 TRI
23EquityFlexi Cap FundNIFTY 500S&P BSE 500 TRI
24EquityDividend Yield FundNifty 500S&P BSE 500
25EquityValue Fund/Contra FundNifty 500S&P BSE 500
26EquityFocused FundNIFTY 500S&P BSE 500 TRI
27HybridConservative Hybrid FundNIFTY 50 Hybrid Composite Debt 15:85 IndexCRISIL Hybrid 85+15 Conservative  Index
28HybridBalanced Hybrid FundNIFTY 50 Hybrid Composite debt 50:50 IndexCRISIL Hybrid 50+50 Moderate Index
29HybridAggressive Hybrid FundNIFTY 50 Hybrid Composite Debt 65:35 IndexCRISIL Hybrid 35+65 Aggressive  Index
30HybridDynamic Asset Allocation / Balanced Advantage FundNIFTY 50 Hybrid Composite debt 50:50 IndexCRISIL Hybrid 50+50 - Moderate Index
31HybridMulti Asset Allocation Fund

Policy framework for Composition of Benchmark of Multi Asset Allocation Fund Category

Considering that multi asset funds allocation schemes of different fund houses may have varied underlying asset allocation,  rather than prescribing a single broad market benchmark index or a single bespoke index which would be applicable across industry, the following broad principles are laid down:

1)      The benchmark should compulsorily represent all the asset classes in the scheme, where the minimum allocation of a scheme is 10% or more.

2)      Additionally, the weightages of these benchmarks should be at least the minimum of the asset allocation range of that particular asset class. For example, if the asset allocation range for equity and equity-related instruments is 65-80%, the benchmark weight should be a minimum of 65% of the equity index.

3)      AMCs are advised to use an appropriate combination of the broad indices that represent each asset class as mentioned below:

            (i)     Broad Equity Indices (Min 10% Weight) (includes Domestic & International Equities)

Domestic (TRI Indices)International (TRI Indices)
Nifty 500MSCI World Index
Nifty 200S&P 500
Nifty 50 
S&P BSE 500 
S&P BSE 200 

          (ii)     Broad Fixed Income Indices (Min 10% Weight)

NIFTY Short Duration Debt Index
NIFTY Composite Debt Index
CRISIL Short Term Bond Fund Index
CRISIL 10 year Gilt Index
CRISIL Composite Bond Fund Index

      


    





  (iii)     Commodity Indices (Min 10% Weight)

Domestic prices of Gold

Domestic prices of Silver
iCOMDEX Composite Index
LBMA AM Fixing Prices
 







4)      Additionally, AMCs need to ensure the following requirements (as advised by SEBI):

  1. While constructing the benchmark for a multi asset allocation scheme, once a benchmark index is selected a particular asset class, the same should not be changed. For example – if for equity asset class, NIFTY 500/Sensex 500 is chosen, it should not be changed on an ad-hoc basis by the AMC and may be changed only after following a due process including prior intimation/ approval of SEBI.
  2. Likewise, once weights of each asset class for constructing the benchmark of a scheme is decided by an AMC, the AMC may not change the weights without following due process including prior intimation/ approval of SEBI.
  3. The weights of each asset class in the benchmark may be allotted suitably based on Scheme Information Document/ Investment Pattern of Scheme. For example, it should not happen that while the actual investment in debt by the scheme is generally 10%, the benchmark weight for the debt index is 50%.
  4. Further, the respective benchmark to be used for each asset class should be only from the aforesaid limited set of Indices mentioned hereinabove.
32HybridArbitrage FundNIFTY 50 ArbitrageCRISIL Arbitrage Index
33HybridEquity Savings FundNIFTY Equity SavingsCRISIL Equity Savings Index
34Solution OrientedRetirement Fund
(a).Nifty500 Plus Nifty Short Duration Debt Index A-II -2035

(b).Nifty500 Plus Nifty Short Duration Debt Index A-II -2040

(c).Nifty500 Plus Nifty Short Duration Debt Index A-II -2045

Note: The above are bespoke indices created by NSE for the Scheme category

S&P BSE 500 TRI
Appropriate benchmark could be based on asset allocation of funds as different funds used varied asset allocation and there is no Regulatory defined asset allocation for this category.
(Options- 
CRISIL Hybrid 25+75 - Aggressive Index, 
CRISIL Hybrid 35+65 - Aggressive Index, 
CRISIL Hybrid 50+50 - Moderate Index, CRISIL Hybrid 65+35 - Conservative Index, 
CRISIL Hybrid 75+25 - Conservative Index, 
CRISIL Short Term Debt Hybrid 60+40 Index, 
CRISIL Hybrid 85+15 - Conservative Index, 
CRISIL Short Term Debt Hybrid 75+25 Index)

35Solution OrientedChildrens" FundAppropriate benchmark could be based on asset allocation of funds as different funds used varied asset allocation and there is no Regulatory defined asset allocation for this categoryS&P BSE 500 TRIAppropriate benchmark could be based on asset allocation of funds as different funds used varied asset allocation and there is no Regulatory defined asset allocation for this category (Options- CRISIL Hybrid 25+75 - Aggressive Index, CRISIL Hybrid 35+65 - Aggressive Index, CRISIL Hybrid 50+50 - Moderate Index, CRISIL Hybrid 65+35 - Conservative Index, CRISIL Hybrid 75+25 - Conservative Index, CRISIL Short Term Debt Hybrid 60+40 Index, CRISIL Hybrid 85+15 - Conservative Index, CRISIL Short Term Debt Hybrid 75+25 Index)
Sector Funds
36EquityAuto FundNIFTY AutoS&P BSE Auto
37EquityBank FundNIFTY BankS&P BSE Bankex Index TRI
38EquityConsumer Durable FundNIFTY Consumer DurableS&P BSE Consumer Durables
39EquityFinancial Services FundNIFTY Financial ServicesS&P BSE Finance TRI
40EquityFMCG FundNIFTY FMCGS&P BSE Fast Moving Consumer Goods
41EquityHealthcare FundNIFTY HealthcareS&P BSE Healthcare TRI
42EquityIT FundNIFTY ITS&P BSE Teck
43EquityMedia, Entertainment FundNIFTY Media
44EquityMetal FundNIFTY MetalS&P BSE Metal Index
45EquityOil & Gas FundNIFTY Oil & GasS&P BSE Oil & Gas Index
46EquityPharma FundNIFTY PharmaS&P BSE Healthcare TRI
47EquityPrivate Bank FundNIFTY Private BankS&P BSE Private Banks Index
48EquityPSU Bank FundNIFTY PSU Bank
49EquityRealty/ Real Estate FundNIFTY RealtyS&P BSE Realty
50EquityTelecomS&P BSE Telecom
51EquitySectoral equity funds investing in Defence & allied sector companies
NIFTY India Defence Index
Thematic Funds
52EquityCommodities FundNIFTY Commodities
53EquityConsupmption FundNIFTY India ConsumptionS&P BSE Consumer Discretionary Goods & Services
54EquityCPSE FundNIFTY CPSES&P BSE CPSE
55EquityEnergy FundNIFTY EnergyS&P BSE Energy
56EquityESG FundNifty100 ESG IndexS&P BSE 100 ESG Index
57EquityInfrastructure FundNIFTY InfrastructureS&P BSE India Infrastructure TRI
58EquityMNC FundNIFTY MNC
59EquityPSU Equity Fund Nifty PSES&P BSE PSU
60EquityServices Sector FundNIFTY Services Sector
61EquityShariah FundNIFTY500 ShariahS&P BSE 500 Shariah TRI
62EquityCommodities Equities Fund - Global Agri Plan S&P Global Agribusiness Index
63EquityManufacturing Fund Nifty India Manufacturing IndexS&P BSE India Manufacturing TRI
64EquityAsian Equity FundS&P Pan Asia BMI
65EquityJapan Equity FundS&P Japan 500
66EquityPioneering innovation themeNifty 500
67EquityTransportation & Logistics themeNifty Transportation & Logistics Index
68EquityHousing ThemeNifty Housing indexNA
69EquityDeveloped & Emerging Markets Opportunities FundMSCI AWCI Index
70EquityBusiness Cycle / Special Situation theme
NSE 500 TRI
BSE 500 TRI
71EquityQuant fund under thematic category
Nifty 200 Index
S&P BSE 200 TRI
72EquityNon Cyclical Consumer Fund under thematic category
Nifty India Consumption Index

73EquityMomentum Fund under thematic category

Nifty 500 TRI