India's premier stock exchange BSE, which has tied up with US-based S&P Dow Jones Indices - the world's largest index provider - plans to upgrade its indices to global standards apart from launching new products.
"In the next six months, we will be bringing global standard index management into the country. We are talking to market participants and trying to bring in more international products," Alka Banerjee, Managing Director (global equity indices product management) at S&P Dow Jones, said.
"We are discussing with the BSE about different aspect of the existing index business and how we can integrate S&P Dow Jones Indices' international practices and expertise into what's relevant for this market," she said.
Banerjee said the S&P-BSE partnership aims to provide market participants with the relevant and transparent index
Last week, BSE and S&P Dow Jones launched an Islamic equity index, called S&P BSE 500 Shariah Index, comprising top 500 companies.
Commenting on expansion plans, Banerjee said: "Both partners have keen interest to grow the business. Dow Jones has 400 institutional clients globally and we can reach out to the US and Europe for more clients."
Welcoming the move, a BSE official said: "We are in discussion with S&P Dow Jones to launch more indices."
Asked about investment plans, Banerjee said, "We are bringing our own technology and both partners will contribute as it will be ongoing operations. In February, we entered into a partnership for maintaining and disseminating indices."
The tie-up was formed shortly after a similar agreement ended between the BSE's bigger rival the NSE and the S&P.
