Financial info provider BluFin to launch stock indices by month-end

MUMBAI: Financial information and content compnay BluFin will launch a set of stock indices by end of this month, a top official said.

"Our objective is to offer a comprehensive set of stock market indices of at least 1,500 stocks, so that it can better reflect the overall picture of the capital market," Blufin chief executive Rashid Bilimoria, who was earlier with Boston Analytics, told PTI here today.

"The proposed indices will be divided into 15 buckets, with sub-indices like M-cap, Macro, Mega, Micro, and Value among others. The index will be benchmarked from the 1990s," he said.

When asked whether he has secured permission from the markets watchdog Sebi, he said, it is not needed so long as the indices are not traded on the bourses and would be contemplating to get the indices traded only a few years down the line.

Elaborating on the rationale for introducing new stock indices, he said, the country follows the US of the 1960/70s in forming the stock market indices methodology.

That apart, the 30-share Sensex and the larger 50-stock Nifty don't reflect the actual mood of the markets or the investing community, Bilimoria added.

The company last month launched the country's first monthly consumer confidence index.

BluFin is owned by Bilimoria and private equity fund Zodius Advisors chief executive Neeraj Bhargava, who also is the chairman of BluFin.