Regulation 15 - Oversight Committee - Securities and Exchange Board of India (Index Providers) Regulations, 2024

Oversight Committee 15 . (1) The Index Provider shall constitute an oversight committee to govern all aspects of the benchmark determination process. (2) The oversight committee shall consist of individuals who are experienced and knowledgeable in the subject matter. (3) The oversight committee shall be separate and distinct from the department dealing with the day-to-day process of Index calculation and maintenance. (4) The oversight committee shall: (a) Review the need for change in the Index design or computation methodology due to changes in the market dynamics or for any other reason and evaluate the proposed approach for the change, if any, along with its impact on the existing subscribers or clients; (b) Oversee benchmark design and introduction of new financial benchmarks, results of audit and direct implementation of remedial actions recommended by those audits; (c) Review procedures for cessation of an Index; (d) Oversee standard procedures followed in the exercise of Expert Judgement; (e) Periodically review the conditions in the underlying interest which the Index measures to determine whether the interest has undergone structural changes that might require changes to the design of the methodology; (f) Examine whether the methodology appropriately reflects the nomenclature and description of the Index and whether the Index is true to label.