Asia's oldest stock exchange BSE has decided to partner with S & P Dow Jones, which manages and operates the benchmark Sensex, and said it plans to develop the index through its own development team, the exchange officials said.
The two groups announced a joint venture, the Asia Index, in 2013, which provided a set of indicators to enable global and domestic investors to participate in a vibrant economy in South Asia.
The deal with BSE was made after the expiration of the license agreement between NSE and India Index Services & Products (IISL), a joint venture between Crisil and S & P's own Crisil.
An exchange representative said BSE will not renew its contract with S & P Dow Jones Index LLC, which expires on December 31, 2018, and is looking to develop indicators through its own team.
"Basically we have been doing this alliance five years ago, but the joint venture could not do much in the expansion of foreign jurisdictions, the use of the index and in every way." BSE Executive Director Ashishkumar Chauhan told investors at the conference.
"So we decided not to update it, but overall it will have little impact on profits or earnings," he added.
The rival stock exchange index is managed and operated by the NSE index, the NSE index.
S & P Dow Jones Index LLC, a subsidiary of McGraw-Hill Companies, is the world's largest global resource for index-based concepts, data and research.
BSE is Asia's oldest stock exchange and is home to the Sensex Index, a leading indicator of India's stock market performance.
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