The S&P India Select Index is comprised of leading Indian companies that meet size, liquidity and tradability requirements. It is designed to provide investors tradable exposure to the Indian equity markets.
The index is fully float adjusted and applies all legal and practical restrictions to companies for foreign investors. Reflecting available float and reducing single stock concentration, the S&P India Select Index has a unique methodology which caps exposure to a single stock.
Index constituents exhibit the following characteristics:
Universe - Any constituent of the S&P/IFCI India index. Stocks that have reached the maximum percentage holding for Foreign Institutional Investors are excluded to reflect the lack of access of those stocks to foreign investors.
Weighting - Modified market capitalization-weighting scheme. No stock has a weight of more than 10%. Stocks with a weight of 5% or more cannot have an aggregate weight of more than 50% in the index.
Market Capitalization - Float-adjusted market capitalization above US$ 500 million at each annual rebalancing.
Liquidity - Three-month average daily trading value (ADTV) above US$ 2 million as of each rebalancing reference date.
Listing Venues - Each eligible stock must be trading o the National Stock Exchange of India.
Index Governance and Policy
This index is maintained by the S&P Index Committee, whose members include Standard & Poor’s economists and index analysts. It follows a set of published rules and policies that provide the transparent methodology used to maintain the index.
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