The S&P CNX 500 Shariah index is part of the family of S&P Shariah index series. The S&P Shariah index series is designed to offer investors a set of indices that are compliant with Islamic canonical law. The S&P CNX 500 Shariah index is derived from the S&P CNX 500, the complete benchmark for the Indian stock market. The S&P CNX 500 covers more than 90% of the total market capitalization and more than 80% of total traded volume on the National Stock Exchange of India. The parent index undergoes screenings of the stocks by an outside research group, Ratings Intelligence Partners, to interpret Shariah board rulings.
Index constituents exhibit the following characteristics:
Underlying Indices – S&P CNX 500
Weighting – Modified capitalization weighting
Reconstitution – As needed basis
Index Governance and Policy
The parent index is maintained by S&P Index Committees, whose members include Standard & Poor’s economists and index analysts. Working with the Shariah Supervisory Board and Ratings Intelligence Partners, the Shariah indices follow a set of published guidelines and policies that define the transparent methodologies used to maintain the indices.
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