In terms of the Reserve Bank of India (Financial Benchmark Administrators) Directions, 2023, (the Directions), the following Financial Benchmark Administrators (FBAs) have been granted authorisation to administer non-significant benchmarks falling within the purview of the Directions.

In line with the risk-based approach set out in the Directions, benchmarks pertaining to (a) valuation of financial instruments under the Reserve Bank, and (b) relevant indices with weightage of financial instruments under the Reserve Bank comprising at least 25 per cent of the indices, have been granted authorisation. FBAs have been granted exemption from the need to seek authorisation to administer the other benchmarks. Further, authorised FBAs have been advised to make suitable disclosure on the authorisation status of the non-significant benchmarks administered by them under the above-mentioned Directions.

The Reserve Bank, on being satisfied that it is necessary to do so, may

(a) mandate FBAs to comply with other provisions of the Directions as applicable to FBAs administering ‘significant benchmarks’;

(b) notify a ‘non-significant benchmark’ as a ‘significant benchmark’ and mandate its administrator to seek authorization from the Bank as an FBA administering ‘significant benchmark’;

(c) mandate FBAs administering exempted ‘non-significant benchmarks’ to seek authorisation under the Directions.