Also known as: NTMMQ50P Index (Bloomberg) · NSE_E_699 (Nifty Indices code)
At a glance
- Weighting schemeFactor tilted
- Review frequencySemi-annual
- Constituent count50
- Single cap5
- Buffer25 / 75
| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| M2 Universe · 3 fields | |||
| Markets | India | Stocks part of the Nifty Total Market index at the time of review are eligible for inclusion in the indexOpen p.239 ↗ |
The index draws stocks from the Indian Nifty Total Market universe. |
| Security types | Common | The index comprises a maximum of 50 stocksOpen p.239 ↗ |
The index methodology refers to stocks and companies, without specifying another security type. |
| Parent universe index | Nifty Total Market | Universe: Stocks forming part / going to be a part of the Nifty Total Market index at the time of reviewOpen p.239 ↗ |
The eligible universe consists of stocks that are, or will become, constituents of the Nifty Total Market index at the review date. |
| M3 Eligibility screens · 18 fields | |||
| Differential voting rights eligibility | Eligible if DVR-related market capitalisation, free-float, and applicable index liquidity criteria are met. | Equity securities with Differential Voting Rights (DVR) are eligible for inclusion in the index subject to fulfilment of specified DVR related criteria given below:Open p.318 ↗ |
Equity securities with differential voting rights may be included if they satisfy the specified market-capitalisation, free-float, and liquidity criteria. |
| Differential voting rights free float | 10% | Free float of DVR equity class share should be at least 10% of free-float market capitalization of the company (voting equity class share and DVR equity class share) and 100% free-float market capitalization of last security in respective indexOpen p.318 ↗ |
The DVR equity class must have free float equal to at least 10% of the company's free-float market capitalisation and at least 100% of the free-float market capitalisation of the last security in the respective index. |
| Differential voting rights market capitalisation basis | Company level aggregated market capitalisation | Market capitalisation criteria is measured at a company level by aggregating the market capitalisation of individual class of security meeting the liquidity criteria for the respective indexOpen p.318 ↗ |
For DVR securities, market capitalisation is assessed at the company level by aggregating the market capitalisation of each individual security class that meets the relevant liquidity criteria. |
| Differential voting rights security count effect | The index may contain more securities than its fixed company count because separate voting and DVR share classes can both be included. | Upon inclusion of DVRs in index, the index may not have fixed number of securities. For example, if DVR of an existing Nifty 50 constituent is included in Nifty 50, the Nifty index will have 51 securities but continue to have 50 companiesOpen p.318 ↗ |
Including a DVR class may cause the index to have more securities than companies, such as 51 securities representing 50 companies. |
| Differential voting rights independent class inclusion | Yes | It is possible that the DVR is eligible for inclusion in the index whereas the full voting rights security class is ineligible. In such scenario, the DVRs shall be included in the index irrespective of whether full voting rights share class is part of indexOpen p.318 ↗ |
A DVR class may be included even if the full-voting-rights share class is not eligible or included. |
| Liquidity measures | Trading frequency, Traded turnover, Volume of shares to total shares issued, Ratio of turnover to market capitalization, Impact cost | Liquidity of a security can be measured through factors such as trading frequency, traded turnover, volume of shares to total shares issued, ratio of turnover to market capitalization, impact cost etc.Open p.323 ↗ |
Liquidity may be assessed using trading frequency, traded turnover, traded share volume relative to shares issued, turnover relative to market capitalisation, and impact cost. |
| Impact cost screen applicability | Nifty 50, Nifty Next 50 | For selection of securities in indices such as Nifty 50 and Nifty Next 50, liquidity is screened on the basis of ‘impact cost’ as criteria.Open p.323 ↗ |
Nifty 50 and Nifty Next 50 screen securities for liquidity using impact cost. |
| Impact cost definition | Impact cost is the percentage difference between the execution price for a predefined order size and the ideal price, calculated as the average of the best bid and best offer. | In mathematical terms it is the percentage mark-up observed while buying / selling the desired quantity of a stock with reference to its ideal price (best buy + best sell) / 2.Open p.325 ↗ |
Impact cost measures the percentage execution cost of buying or selling a predefined quantity relative to the midpoint of the best bid and offer. |
| Impact cost characteristics | Buy and sell impact costs are calculated separately; impact cost varies by transaction size, changes with outstanding orders, and insufficiently liquid stocks receive a penal impact cost. | It should however be emphasised that: impact cost is separately computed for buy and sell impact cost may vary for different transaction sizes impact cost is dynamic and depends on the outstanding orders where a stock is not sufficiently liquid, a penal impact cost is appliedOpen p.325 ↗ |
Impact cost is computed separately for buys and sells, varies by transaction size and order book, and a penal cost is applied to insufficiently liquid stocks. |
| Price band circuit screen | Applicability: non-member, non-F&O stock that is not an index constituent; Lookback window: 6 months; Threshold (% of trading days): 20; Counting rule: Each upper or lower circuit hit on a trading day counts as one instance; both upper and lower hits on the same trading day count as two instances | A non-member, non - F&O stock which is not a part of index is ineligible for inclusion if the total instances of the stock hitting the upper or lower circuit (price band)* during the past 6 months as of the cut-off date is more than or equal to 20% of the number of total trading days over the same periodOpen p.239 ↗ |
A non-member, non-F&O stock is ineligible if its upper- or lower-circuit hits over the prior six months are at least 20% of the number of trading days, with same-day upper and lower hits counted twice. |
| Pledged promoter share limit | Metric: percentage pledged promoter shares; Threshold: 20%; Rule: Greater than threshold ineligible | Companies having percentage pledged promotor’s shares greater than 20% are ineligible for inclusion in the indexOpen p.239 ↗ |
Companies with more than 20% of promoter shares pledged are ineligible for inclusion. |
| Financial statement basis | Consolidated financial data is used where available; otherwise standalone financial data is used. | Consolidated financial data is used wherever available else standalone financial data is taken into consideration.Open p.240 ↗ |
Quality-factor calculations use consolidated financial data when available and standalone financial data otherwise. |
| Momentum factor window | 6 months, 12 months | For each eligible stock, Z Score is calculated on the basis of 6-month momentum and 12month momentumOpen p.240 ↗ |
Momentum is calculated from six-month and twelve-month price returns, each adjusted by annualized standard deviation of daily log returns. |
| Quality factor window | 5 financial years | The quality score for each company is determined based on return on equity (ROE), financial leverage (Debt/Equity Ratio) and earning (EPS) growth variability analysed during the previous 5 years.Open p.239 ↗ |
The quality factor analyses ROE, debt-to-equity, and EPS growth variability over the previous five years. |
| Trading history | Minimum value: 1 year; Exceptions: IPO companies may be considered if adjusted EPS data is available to calculate EPS growth variability for at least the previous three financial years | Constituents should have a minimum listing history of 1 yearOpen p.239 ↗ |
Constituents should have a minimum one-year listing history, while an IPO may be considered if adjusted EPS data supports at least three financial years of EPS growth variability. |
| Liquidity screen | Metric: Average daily turnover, Turnover ratio; Window: 6 months; Threshold: bottom 10 percentile excluded within universe | Bottom 10 percentile stocks based on 6 month average daily turnover within universe are ineligible for inclusion in the indexOpen p.239 ↗ |
Stocks in the bottom 10 percentile by six-month average daily turnover and by turnover ratio within the universe are ineligible. |
| Financial screens | return on equity for latest fiscal year, debt-to-equity ratio for latest fiscal year, excluding financial services companies, EPS growth variability over the previous five financial years using adjusted EPS from the previous six years, IPO must have adjusted EPS data sufficient for at least three financial years of EPS growth variability | For each eligible stock, Quality Z score is calculated on the basis of return on equity (ROE), debt-to-equity (D/E) ratio and EPS growth variability in the previous 5 years. Debt-toequity ratio is not considered for companies belonging to the financial services sector.Open p.240 ↗ |
Quality is assessed using latest-fiscal-year ROE and debt-to-equity, with debt-to-equity omitted for financial services, and five-year EPS growth variability based on six years of adjusted EPS; IPOs need data for at least three years. |
| Suspension rule | Additional ad hoc reconstitution and rebalancing is initiated when a constituent is suspended by the exchange. | Apart from the scheduled semi-annual review, additional ad-hoc reconstitution and rebalancing of the index shall be initiated in case any of the index constituents is removed from Nifty Total Market index due to any corporate action (scheme of arrangement, delisting etc.) or suspension by the exchange etc.Open p.243 ↗ |
If an index constituent is suspended by the exchange, the index undergoes additional ad hoc reconstitution and rebalancing. |
| M4 Selection and constituent count · 25 fields | |||
| Universe index | Nifty Total Market Index | Stocks part of the Nifty Total Market index at the time of review are eligible for inclusion in the indexOpen p.239 ↗ |
Stocks forming part of, or going to be part of, the Nifty Total Market Index at the review date are eligible for the selection universe. |
| Minimum listing history | 1 year | Constituents should have a minimum listing history of 1 yearOpen p.239 ↗ |
Constituents must have a minimum listing history of one year. |
| Circuit filter screen | Threshold (% of trading days): 20; Lookback: 6 months; Scope: non-member non-F&O stocks not already in the index; Counting rule: upper and lower circuit hits on the same trading day count as two instances | A non-member, non - F&O stock which is not a part of index is ineligible for inclusion if the total instances of the stock hitting the upper or lower circuit (price band)* during the past 6 months as of the cut-off date is more than or equal to 20% of the number of total trading days over the same periodOpen p.239 ↗ |
A non-member, non-F&O stock outside the index is ineligible if circuit hits in the past six months are at least 20% of trading days, with same-day upper and lower hits counted twice. |
| Pledged promoter share screen | Maximum (%): 20 | Companies having percentage pledged promotor’s shares greater than 20% are ineligible for inclusion in the indexOpen p.239 ↗ |
Companies with promoter shares pledged above 20% are ineligible for inclusion. |
| Average daily turnover liquidity screen | Exclude bottom percentile: 10; Window: 6 months; Ranking scope: Universe | Bottom 10 percentile stocks based on 6 month average daily turnover within universe are ineligible for inclusion in the indexOpen p.239 ↗ |
Stocks in the bottom 10 percentile of the universe by six-month average daily turnover are ineligible. |
| Turnover ratio liquidity screen | Exclude bottom percentile: 10; Ranking scope: Universe | Bottom 10 percentile stocks based on Turnover ratio within universe are ineligible for inclusion in the index.Open p.239 ↗ |
Stocks in the bottom 10 percentile of the universe by turnover ratio are ineligible. |
| Momentum score construction | Mr12 weight: 0.5; Mr6 weight: 0.5; Momentum ratio: Price return divided by annualised standard deviation of lognormal daily returns; Normalization: Weighted average z score converted to normalized momentum score; Ranking: Normalized scores converted to percentile scores | Weighted Average Z Score = 50% * (12 month Momentum Z Score) + 50% * (6 month Momentum Z Score)Open p.239 ↗ |
Momentum equally weights standardized 12-month and 6-month price-return-to-volatility ratios, normalizes the combined Z-score, and converts it to a percentile score. |
| Quality score construction | Metrics: Return on equity, Debt to equity, EPS_growth_variability; Non financial weights: Return on equity: 0.3333333333; Debt to equity: 0.3333333333; EPS growth variability: 0.3333333333; Financial services weights: Return on equity: 0.5; Debt to equity: 0; EPS growth variability: 0.5; Financial data basis: consolidated where available, otherwise standalone; IPO minimum EPS history: 3 financial years of EPS growth variability | For each eligible stock, Quality Z score is calculated on the basis of return on equity (ROE), debt-to-equity (D/E) ratio and EPS growth variability in the previous 5 years.Open p.239 ↗ |
Quality standardizes ROE, leverage, and EPS-growth variability, excluding leverage for financial-services companies, and IPOs need enough adjusted EPS for at least three financial years of variability. |
| Factor weights | Momentum: 0.5; Quality: 0.5 | Composite Factor Score: 50% * Normalized Momentum score + 50% * Quality scoreOpen p.239 ↗ |
The composite factor score gives 50% weight to normalized momentum and 50% weight to quality. |
| Weighting method | Free float market capitalization multiplied by composite factor score | Weight of the stock in the index is derived by multiplying the free float market cap with the composite factor score of that stockOpen p.239 ↗ (not found verbatim in the PDF) |
Each stock's weight is derived by multiplying its free-float market capitalization by its composite factor score. |
| Single stock cap | Cap percent: 5; Alternative: five times free-float-market-capitalization-only weight; Rule: lower of the two limits | Each stock in the index is capped at the lower of 5% or 5 times the weight of the stock in the index based on free float market capitalizationOpen p.239 ↗ (not found verbatim in the PDF) |
Each stock is capped at the lower of 5% or five times its weight based solely on free-float market capitalization. |
| Cap application frequency | semi-annually at reconstitution | Capping will be done semi-annually at the time of reconstitutionOpen p.239 ↗ |
Capping is applied semi-annually when the index is reconstituted, and weights may drift between rebalancing periods. |
| Review frequency | semi-annual | The index is reconstituted semi-annually (June, December)Open p.239 ↗ |
The index is reconstituted semi-annually in June and December using data through the last trading day of May and November. |
| Existing constituent rank buffer | Retain if rank within: 75; Compulsory add rank: 25; Exclude if rank beyond: 75 | If the rank of the eligible stocks within the existing index based on aggregate percentile score is within top 75, then such stocks would continue to form part of the indexOpen p.239 ↗ |
Existing constituents ranked within the top 75 may remain, top-25 non-members must be added, and existing constituents ranked beyond 75 must be excluded. |
| Parent index exit rule | remove at subsequent review when stock exits Nifty Total Market Index | Stocks that moved out of the Nifty Total Market index shall also move out of the index at the time of the subsequent review of the Nifty Total Market Momentum Quality 50 indexOpen p.239 ↗ |
Stocks that leave the Nifty Total Market Index also leave this index at the subsequent review. |
| Ad hoc reconstitution triggers | removal from Nifty Total Market Index due to corporate action, scheme of arrangement, Delisting, exchange suspension | Apart from the scheduled semi-annual review, additional ad-hoc reconstitution and rebalancing of the index shall be initiated in case any of the index constituents is removed from Nifty Total Market index due to any corporate action (scheme of arrangement, delisting etc.) or suspension by the exchange etc.Open p.239 ↗ |
Additional ad hoc reconstitution may occur if a constituent is removed from the Nifty Total Market Index because of corporate action, delisting, or exchange suspension. |
| Quarterly sebi concentration screen | quarterly screening for SEBI ETF and Index Fund portfolio concentration norms; corrective replacement or weight realignment if non-compliant | Further, on a quarterly basis, indices will be screened for compliance with the portfolio concentration norms for ETFs/ Index Funds announced by SEBI on January 10, 2019.Open p.239 ↗ |
The index is screened quarterly against SEBI portfolio concentration norms, with replacements or weight realignment used to cure non-compliance. |
| Base date | 2005-04-01 | The index has a base date of April 01, 2005, with a base value of 1000Open p.239 ↗ (not found verbatim in the PDF) |
The index base date is April 1, 2005. |
| Base value | 1,000 | The index has a base date of April 01, 2005, with a base value of 1000Open p.239 ↗ (not found verbatim in the PDF) |
The index base value is 1000. |
| Calculation frequency | real-time | 31 Nifty Total Market Momentum Quality 50# Apr 01, 2005 1000 Tilt 5% Real-time FixedOpen p.284 ↗ (not found verbatim in the PDF) |
The index is calculated in real time. |
| Index identifiers | Name: Nifty Total Market Momentum Quality 50; Short name: NSE_E_699; Ticker: NTMMQ50P; Bloomberg id: BBG01YT5Z477; Slug: nifty-total-market-momentum-quality-50; Constituent count code: 50 | 30. Nifty Total Market Momentum Quality 50Open p.239 ↗ |
The supplied index identifiers are NSE_E_699, NTMMQ50P, BBG01YT5Z477, and nifty-total-market-momentum-quality-50. |
| Selection method | Rank by metric | Top 50 stocks are selected based on aggregate percentile scoreOpen p.239 ↗ |
Eligible stocks are ranked by an aggregate percentile score combining momentum and quality, and the top-ranked stocks are selected. |
| Ranking metrics | Name: Momentum percentile score; Window: 6 months and 12 months; Direction: Higher price return adjusted for volatility scores better; Step order: 1, Name: Quality percentile score; Window: previous 5 financial years, with latest fiscal year for ROE and debt-to-equity; Direction: higher_ROE_and_lower_leverage_and_lower_EPS_growth_variability_score_better; Step order: 2, Name: Aggregate percentile score; Window: combined momentum and quality scores; Direction: Higher aggregate score ranks better; Step order: 3 | The momentum score for each company is determined based on its 6-month and 12-month price return, adjusted for volatility.Open p.239 ↗ |
Stocks receive percentile momentum and quality scores, and the aggregate percentile score is 50% momentum plus 50% quality. |
| Target constituent count | 50 | The index comprises a maximum of 50 stocks, and the top 50 stocks are selected by aggregate percentile score. | |
| Industry neutrality rule | quality_metric_treatment_differs_for_financial_services; no industry-neutral selection stated | Debt-toequity ratio is not considered for companies belonging to the financial services sector.Open p.239 ↗ |
Debt-to-equity is excluded for financial-services companies and the quality Z-score weights differ by sector, but no sector-neutral or industry-balanced selection rule is stated. |
| M5 Weighting and capping · 11 fields | |||
| Foreign investible factor calculation | FIF equals the lower of IWF and the foreign ownership limit, multiplied by an adjustment factor based on foreign room, and is applied according to standard IWF criteria. | Step 1: Calculate the interim IWF = Lower of IWF and Foreign Ownership Limit (FOL) Where, IWF is the Investible Weight factor of the company Foreign Ownership limit (FOL) is the board approved limits as disclosed in the shareholding pattern of the companies Step 2: Calculate the FIF = interim IWF * Adjustment Factor FIF shall be applied as per the standard IWF criteriaOpen p.321 ↗ |
The foreign investible factor is calculated as the lower of the investible weight factor and foreign ownership limit, multiplied by a foreign-room adjustment factor. |
| Foreign room adjustment bands | From: 0; To: 0.05; Factor: 0, From: 0.05; To: 0.15; Factor: 0.25, From: 0.15; To: 0.25; Factor: 0.5, From: 0.25; To: 0.5; Factor: 0.75, From: 0.5; To: 1; Factor: 1 | Adjustment Factor is determined as the table below: Foreign Room (%) 0-0.05 0.05-0.15 0.15 - 0.25 0.25 - 0.5 0.5 -1 Adjustment Factor 0
0.25
0.5
0.75 1Open p.321 ↗ |
The foreign-room adjustment factor is 0, 0.25, 0.50, 0.75, or 1 depending on the company's foreign room band. |
| Foreign room formula | foreign_room = (foreign_ownership_limit - utilized_limit) / foreign_ownership_limit | Calculation of Foreign Room is as follows: 𝐹𝑂𝐿−𝑈𝑡𝑖𝑙𝑖𝑧𝑒𝑑 𝑙𝑖𝑚𝑖𝑡 Foreign Room (%) = 𝐹𝑂𝐿 Where, Utilized limit is the percentage of the foreign holdings as disclosed in the shareholding pattern of the companiesOpen p.321 ↗ |
Foreign room is calculated as foreign ownership limit minus utilized limit, divided by foreign ownership limit. |
| Composite factor score weights | Momentum normalized score: 0.5; Quality score: 0.5 | Composite Factor Score: 50% * Normalized Momentum score + 50% * Quality scoreOpen p.243 ↗ |
The composite factor score gives 50% weight to the normalized momentum score and 50% to the quality score. |
| Weight calculation | Free float market capitalization multiplied by composite factor score | Weight of the stock in the index is derived by multiplying the free float market cap with the composite factor score of that stockOpen p.243 ↗ |
A stock's index weight is derived by multiplying its free-float market capitalization by its composite factor score. |
| Inter rebalance weight drift | Yes | The weight of stocks may drift between two rebalancing periods due to movement in the stock pricesOpen p.243 ↗ |
Stock weights may drift between semi-annual rebalancing periods because of stock-price movements. |
| Weighting scheme | Factor tilted | The weight of each stock in the index is based on the combination of its composite factor score and its free float market capitalization.Open p.239 ↗ |
The index weights stocks by free-float market capitalization tilted by each stock's composite factor score. |
| Free float factor | Method: Free float | The IWFs for each company in the index are determined based on the public shareholding of the companies as disclosed in the shareholding pattern submitted to the stock exchanges on quarterly basis.Open p.319 ↗ |
The investible weight factor is based on public shareholding, with specified non-free-float holdings excluded from free-float computation. |
| Foreign ownership limit | The interim IWF is the lower of the company's IWF and its board-approved foreign ownership limit, then multiplied by the foreign-room adjustment factor to derive FIF. | Step 1: Calculate the interim IWF = Lower of IWF and Foreign Ownership Limit (FOL) Where, IWF is the Investible Weight factor of the company Foreign Ownership limit (FOL) is the board approved limits as disclosed in the shareholding pattern of the companiesOpen p.321 ↗ |
Foreign ownership limits constrain the foreign investible factor by using the lower of IWF and the foreign ownership limit before applying the foreign-room adjustment factor. |
| Weight cap | 5% | Each stock in the index is capped at the lower of 5% or 5 times the weight of the stock in the index based on free float market capitalizationOpen p.243 ↗ |
Each stock is capped at the lower of 5% or five times its free-float-market-capitalization weight. |
| Cap application timing | At review | Capping will be done semi-annually at the time of reconstitutionOpen p.243 ↗ |
Capping is applied semi-annually at the time of index reconstitution. |
| M6 Review and rebalance schedule · 16 fields | |||
| Monthly share change effective date | last trading day of each month | which have an impact of 5% or more on the issued share capital of the security are normally implemented on monthly basis effective from the last trading day of each month after providing a three trading days’ prior notice.Open p.326 ↗ |
Singular equity-share changes with an impact of 5% or more are normally implemented monthly, effective on the last trading day of each month after three trading days' prior notice. |
| Quarterly share float rebalancing months | March, June, September, December | Changes entailing less than 5% impact on the issued share capital or a free-float are accumulated and implemented on quarterly basis (quarterly rebalancing) with effect from the last trading day of March, June, September and December.Open p.326 ↗ |
Share or free-float changes below 5% are accumulated and implemented in quarterly rebalancing, effective on the last trading day of March, June, September and December. |
| Corporate action adjustment timing | after close of trading and after calculation of closing index value; applied on ex-date | Appropriate adjustments are made after the close of trading and after the calculation of the closing value of the index. Corporate actions such as bonus, splits, dividends, rights offerings, and share changes are applied on the ex-date.Open p.326 ↗ |
Corporate-action adjustments are made after the close of trading and after calculation of the closing index value, and bonus, splits, dividends, rights offerings and share changes are applied on the ex-date. |
| Rank retention threshold | 75 | If the rank of the eligible stocks within the existing index based on aggregate percentile score is within top 75, then such stocks would continue to form part of the indexOpen p.243 ↗ |
Existing constituents remain in the index if their aggregate percentile-score rank among eligible stocks is within the top 75. |
| Mandatory inclusion rank | 25 | From the eligible universe top 25 ranked stocks based on the aggregate percentile score that are not part of the index shall be compulsorily included in the index replacing the stocks with lowest aggregate percentile scoreOpen p.243 ↗ |
The top 25 ranked eligible non-constituents must be added in place of the lowest-ranked existing stocks. |
| Compulsory exclusion threshold | rank beyond 75 | If the rank of the stocks within the existing index based on the aggregate percentile score goes beyond 75, then such stocks shall be compulsorily excluded, and they will be replaced by next best stocksOpen p.243 ↗ |
Existing constituents ranked beyond 75 are compulsorily excluded and replaced by the next-best eligible stocks. |
| Quarterly concentration compliance screen | Yes | Further, on a quarterly basis, indices will be screened for compliance with the portfolio concentration norms for ETFs/ Index Funds announced by SEBI on January 10, 2019.Open p.244 ↗ |
The index is screened quarterly for compliance with SEBI portfolio concentration norms for ETFs and index funds, with corrective action if needed. |
| Ad hoc reconstitution trigger | removal from Nifty Total Market Index due to corporate action or exchange suspension | additional ad-hoc reconstitution and rebalancing of the index shall be initiated in case any of the index constituents is removed from Nifty Total Market index due to any corporate action (scheme of arrangement, delisting etc.) or suspension by the exchange etc.Open p.243 ↗ |
Additional ad hoc reconstitution and rebalancing are initiated if a constituent is removed from the Nifty Total Market Index because of a corporate action or suspension. |
| Review frequency | Semi-annual | The index is reconstituted semi-annually (June, December)Open p.239 ↗ |
The index is reconstituted and rebalanced semi-annually. |
| Review types | Scheduled review, Ad hoc | Apart from the scheduled semi-annual review, additional ad-hoc reconstitution and rebalancing of the index shall be initiated in case any of the index constituents is removed from Nifty Total Market indexOpen p.243 ↗ |
The index has scheduled semi-annual reviews and additional ad hoc reconstitution and rebalancing when required. |
| Review months | June, December | Index rebalancing and reconstitution will be done on a semi-annual basis in June and December using data ending last trading day of May and November respectivelyOpen p.243 ↗ |
Scheduled reviews occur in June and December. |
| Data cutoff rule | June review: data ending on the last trading day of May; December review: data ending on the last trading day of November | using data ending last trading day of May and November respectivelyOpen p.243 ↗ |
The June and December reviews use data ending on the last trading day of May and November, respectively. |
| Announcement rule | minimum five working days' prior notice for scheduled non-broad-market reconstitution, unless shortened in exceptional circumstances | For reconstitution of other indices (whether scheduled or additional), prior notice of minimum 5 working days is given to the relevant market participants in a suitable manner.Open p.290 ↗ |
For scheduled reconstitution of indices other than broad-market indices, at least five working days' prior notice is given, except in exceptional situations. |
| Effective date rule | last trading day of June or December | * The effective date for index reconstitution of index is the last trading day of respective month.Open p.293 ↗ |
Scheduled reconstitution takes effect on the last trading day of the respective review month, which for this index is June or December. |
| Rebalance frequency | Semi-annual | Index rebalancing and reconstitution will be done on a semi-annual basis in June and DecemberOpen p.243 ↗ |
Index rebalancing and reconstitution are performed semi-annually. |
| Weight reset frequency | Semi-annual | Capping will be done semi-annually at the time of reconstitutionOpen p.243 ↗ |
Constituent capping is reset semi-annually at the time of reconstitution. |
| M7 Buffers and turnover control · 3 fields | |||
| Change batching with stock replacement | Share or free-float changes of 5% or more in other securities are clubbed with an ad hoc constituent replacement to reduce turnover. | In case of any replacement of index constituent arising from ad-hoc index review necessitated on account of scheme of arrangement, delisting, moving of security to BZ category etc. or merger of non-constituent into an index constituent, change in shares or free float by 5% or more in all other securities are clubbed together with such stock replacement to reduce the turnover caused by frequent rebalancing by ETF/index funds tracking such indices.Open p.326 ↗ |
When an ad hoc stock replacement occurs because of a scheme of arrangement, delisting, BZ-category move, or merger, share or free-float changes of 5% or more in other securities are combined with that replacement to reduce turnover. |
| Rank buffer replacement policy | top-ranked non-constituents replace lowest-ranked existing constituents; mandatory exits are replaced by next-best eligible stocks | From the eligible universe top 25 ranked stocks based on the aggregate percentile score that are not part of the index shall be compulsorily included in the index replacing the stocks with lowest aggregate percentile score from the existing portfolio.Open p.239 ↗ |
At the semi-annual review, mandatory top-25 entrants replace the lowest-ranked existing stocks, and existing stocks ranked beyond 75 are replaced by the next-best ranked stocks. |
| Buffer zone | Entry rank: 25; Exit rank: 75 | If the rank of the eligible stocks within the existing index based on aggregate percentile score is within top 75, then such stocks would continue to form part of the indexOpen p.239 ↗ |
Existing constituents ranked within the top 75 may remain, while non-constituents ranked in the top 25 must be added and existing constituents ranked beyond 75 must be excluded. |
| M8 Corporate actions, IPOs, ad-hoc changes · 13 fields | |||
| Corporate action notice period | 3 trading days | which have an impact of 5% or more on the issued share capital of the security are normally implemented on monthly basis effective from the last trading day of each month after providing a three trading days’ prior notice.Open p.326 ↗ |
Monthly implementation of qualifying equity-share changes occurs after three trading days' prior notice. |
| Merger constituent change notice period | 3 business days | Announcement of the changes shall be made providing notice of minimum three working days including the indices on which Futures and Options are traded at NSEOpen p.328 ↗ |
Merger-driven constituent changes are announced with at least three working days' notice, including for indices with NSE futures and options. |
| Spinoff dummy symbol treatment | When SPOS is conducted, the demerged company is retained and spun-off entities are temporarily represented as equal-weight dummy stocks pending listing and subsequent removal. | The Demerged company shall be retained in the index. The spun off entity/entities shall be retained in the index in the form of dummy stocks (with equal weights) and shall be excluded from the index as per the below criteria:Open p.328 ↗ |
If the exchange conducts a special pre-open session for a demerger, the demerged company remains in the index and spun-off entities are temporarily represented as equal-weight dummy symbols until the newly listed entity is removed under the stated price-band and timing rules. |
| New spinoff listing removal rule | The actual newly listed spun-off symbol is temporarily included without eligibility screening and is removed after the close of its third listing day after two consecutive days without hitting the lower price band. | During this temporary period, new symbol shall not be screened for compliance with index eligibility criteria. 11 New symbol shall be removed from the index after the close of trading on third day of listing at the market determined price.Open p.330 ↗ |
A newly listed spun-off entity temporarily replaces the dummy symbol without eligibility screening and is removed after the close of the third listing day, subject to deferral until two consecutive days without a lower-price-band hit are observed. |
| Demerged company post event eligibility review | Retained demerged companies are screened using data from the ex-date through the last trading day of the next calendar month, while other securities use six months of data; ineligible companies are replaced at the quarter-end after notice. | Demerged company (ABC) which is retained in the index shall be screened for its continued eligibility, considering data for the period starting the ex-date till the last trading day of the next calendar month and 6 months data for other securities.Open p.330 ↗ |
A retained demerged company's continued eligibility is assessed using data from the ex-date through the last trading day of the next calendar month, compared with six months for other securities, and an ineligible company is replaced effective at the last trading day of the calendar quarter after required notice. |
| Ad hoc reconstitution trigger removal from parent index | removal_from_Nifty_Total_Market_index_due_to_corporate_action, Scheme of arrangement, Delisting, Suspension by exchange | Apart from the scheduled semi-annual review, additional ad-hoc reconstitution and rebalancing of the index shall be initiated in case any of the index constituents is removed from Nifty Total Market index due to any corporate action (scheme of arrangement, delisting etc.) or suspension by the exchange etc.Open p.239 ↗ |
Apart from scheduled semi-annual review, ad-hoc reconstitution and rebalancing are initiated if a constituent is removed from the Nifty Total Market Index due to a corporate action, scheme of arrangement, delisting, or exchange suspension. |
| Quarterly sebi concentration screen | Frequency: Quarterly; Corrective actions: Replacement of ineligible stock, Realignment of constituent weights; Basis: portfolio concentration norms for ETFs/Index Funds announced by SEBI on January 10, 2019 | Further, on a quarterly basis, indices will be screened for compliance with the portfolio concentration norms for ETFs/ Index Funds announced by SEBI on January 10, 2019. In case of non-compliance of any of the stated norms, suitable corrective measures such as replacement of ineligible stock, re-alignment of constituent weights will undertaken depending upon the nature of non-compliance to ensure compliance with the normsOpen p.239 ↗ (not found verbatim in the PDF) |
The index is screened quarterly against SEBI portfolio concentration norms for ETFs and index funds, with stock replacement or weight realignment used to correct non-compliance. |
| Ad hoc weight realignment fixed count | all stocks are realigned from drifted weights to original capping limits during ad-hoc reconstitution | Weight reset in case of ad-hoc reconstitution of indices: Indices with fixed number of constituents: The weight of all stocks in the index shall be
realigned from their drifted weights to their original capping limitsOpen p.284 ↗ |
Because this is a fixed-count index, weights of all stocks are realigned from drifted weights to their original capping limits during ad-hoc reconstitution. |
| Ad-hoc deletion | Delisting, Acquisition, Other | In case of any replacement of index constituent arising from ad-hoc index review necessitated on account of scheme of arrangement, delisting, moving of security to BZ category etc. or merger of non-constituent intoOpen p.326 ↗ |
Ad hoc constituent replacement may be required for a scheme of arrangement, delisting, movement to the BZ category, or merger of a non-constituent into an index constituent; the transferor in a merger is excluded on the merger ex-date. |
| Replacement policy | Next review | Indices with fixed number of constituents: On ex-date, a replacement of company will be made based on the eligibility criteria of respective indices in place of transferor company which is being excluded Indices with variable number of constituents: On ex-date, no replacement will be madeOpen p.328 ↗ |
A removed transferor is replaced immediately only in indices with a fixed number of constituents based on the relevant eligibility criteria; variable-count indices do not receive a replacement. |
| Merger spinoff rules | For mergers, the transferor is excluded at the close of T-1 and fixed-count indices replace it based on eligibility while variable-count indices do not. For SPOS demergers, the parent is retained and spun-off entities are represented temporarily as dummy/new stocks; without SPOS, the demerged company is removed at the beginning of T-1 and fixed-count indices make a suitable replacement. | Indices with fixed number of constituents: On ex-date, a replacement of company will be made based on the eligibility criteria of respective indices in place of transferor company which is being excluded Indices with variable number of constituents: On ex-date, no replacement will be madeOpen p.328 ↗ |
Mergers exclude the transferor at the close of T-1, with replacement only in fixed-count indices; demergers with SPOS retain the parent and temporarily include dummy or newly listed spun-off securities, while demergers without SPOS remove the parent at the beginning of T-1 and replace it only in fixed-count indices. |
| Deletion price | market determined price after close of trading on the removal day | New symbol shall be removed from the index after the close of trading on third day of listing at the market determined price.Open p.330 ↗ |
A newly listed spun-off entity is removed after the close of trading on its scheduled removal day at the market-determined price. |
| Share or float change threshold | Threshold: 5 percent of issued share capital or free float; Below threshold schedule: Quarterly; At or above threshold schedule: Monthly or clubbed with ad hoc replacement | All singular instances of changes in equity shares arising out of additional issue of capital, such as ESOPs, QIPs, ADR/GDR issues, private placements, warrant conversions, FCCB conversions, buy-back, forfeiture of shares etc. which have an impact of 5% or more on the issued share capital of the security are normally implemented on monthly basisOpen p.326 ↗ |
Singular share changes affecting 5% or more of issued share capital are normally implemented monthly, while share or free-float changes under 5% are accumulated for quarterly rebalancing. |
| M9 Calculation and return variants · 12 fields | |||
| Market capitalization formula | Index value equals index market capitalization divided by base free float market capitalization times base index value | Index Value = Index Market Capitalisation / Base Free Float Market Capitalisation of index * Base Index Value where Index Market Capitalization = Shares outstanding * IWF * Capping factor * PriceOpen p.332 ↗ |
For market-capitalization-based price-return indices, index value equals index market capitalization divided by base free-float market capitalization, multiplied by the base index value. |
| Special dividend threshold | 2 percent of market price on announcement date | All dividend amounts that are greater than or equal to 2% of company’s market prices on date of announcements are considered as a special dividend.Open p.333 ↗ |
A dividend is treated as special if it is at least 2% of the company’s market price on the announcement date. |
| Holiday schedule | official_NSE_Indices_holiday_schedule | For the calculation of indices, the NSE Indices Limited follows the official holiday schedule. A complete holiday schedule for the year is available on the NSE Indices Limited and NSE website.Open p.337 ↗ |
Index calculations follow the official holiday schedule published by NSE Indices and NSE. |
| Formula type | Divisor | Using the divisor and modified index market capitalization, Equal weight/ factor-based indices are calculated as follows:Open p.332 ↗ |
Equal-weight and factor-based indices use an index divisor applied to modified index market capitalization. |
| Price source | regulated_prices_from_NSE_in_INR | Prices Regulated prices received from the National Stock Exchange of India Ltd, in Indian Rupees.Open p.337 ↗ |
Index calculations use regulated prices in Indian rupees received from the National Stock Exchange of India Limited. |
| Calculation frequency | real-time | 31 Nifty Total Market Momentum 5% Fixed Apr 01, 2005 1000 Tilt Real-time Quality 50#Open p.291 ↗ |
The index is calculated in real time. |
| Precision | 2 decimal places | Index values are disseminated up to two decimal placesOpen p.338 ↗ |
Published index values are disseminated with up to two decimal places. |
| Return variants | PR, GTR, NTR | A separate series of index i.e. Total Returns Index (TR) is calculated which shows the returns on Index portfolio, inclusive of dividends.Open p.333 ↗ |
The methodology describes price return, total return inclusive of dividends, and net total return index variants. |
| Withholding tax basis | Investor basis: non-resident institutional investors not benefiting from double taxation treaties; Dividend withholding tax rate (%): 23.92; Bonus share short term capital gains tax rate (%): 23.92 | For the computation of NTR index, the maximum rate applicable to the non-resident institutional investors who do not benefit from double taxation treaties.Open p.334 ↗ |
Net total return uses the maximum withholding tax rate for non-resident institutional investors without treaty benefits; the current effective dividend and bonus-share tax rates are each 23.92%. |
| Dividend treatment | regular_dividends_reinvested_after_close_on_ex_date; special_dividends_adjusted_in_PR_and_excluded_from_TR | The total return version of the index is also available, which assumes dividends are reinvested in the index after the close on the ex-date.Open p.333 ↗ |
Total return assumes dividends are reinvested after the close on the ex-date, while special or short-notice dividends are adjusted in the price index on the ex-dividend date and excluded from total return. |
| Market disruption rule | consult_with_NSE | In case of a market stress or disruption, NSE Indices Limited will review and deal with the situation on consultative basis with the National Stock Exchange of India Ltd. (NSE) as NSE is source for price data for computation of equity indices.Open p.340 ↗ |
During market stress or disruption, NSE Indices reviews and handles the situation consultatively with NSE, which supplies the price data. |
| Recalculation policy | Recalculate when errors occur subject to investor protection override and notification | In principle the Nifty family of indices are recalculated whenever errors occur. However, where the correction of a historical error would lead to difficulties for index product issuers or investors, the committee retains the right to override the correction.Open p.338 ↗ |
Indices are in principle recalculated whenever errors occur, but the committee may override correction if it would harm product issuers or investors, and users are notified. |
| M10 Governance, change policy, disclosure · 14 fields | |||
| Administrator | NSE Indices Limited | The indices are calculated and administered by NSE Indices Limited.Open p.334 ↗ |
NSE Indices Limited calculates and administers the indices. |
| Committee member names public | Yes | In order to maintain transparency, the names of the committee member are publicly displayed on the website.Open p.335 ↗ |
The names of index committee members are publicly displayed on the website for transparency. |
| Methodology change announcement | approved_by_Index_Maintenance_Sub-Committee; overseen_by_Oversight_Committee; announced_by_press_release | Any change to the index methodology is approved by the NSE Indices Index Maintenance Sub-Committee and overseen by the NSE Indices Oversight Committee, and the same is announced through a press release.Open p.340 ↗ |
Methodology changes are approved by the Index Maintenance Sub-Committee, overseen by the Oversight Committee, and announced through a press release. |
| Data vendor change controls | vendors must flag data feed changes in advance for assessment | NSE Indices requires its data vendors to flag any changes to their data feeds to NSE Indices in advance, allowing it the opportunity to assess the scale of and comment on the proposed change.Open p.337 ↗ |
Data vendors must flag changes to their data feeds in advance so NSE Indices can assess and comment on the proposed change. |
| Liability disclaimer | NSE Indices does not accept liability for losses arising from use of or reliance on the indices, ground rules, errors, or inaccuracies | NSE Indices Limited does not accept any liability for any losses, claims, expenses etc. that may be incurred by any person as a result of usage of Nifty family of indices as a result of reliance of the ground rules, any errors or inaccuracies.Open p.340 ↗ |
NSE Indices disclaims liability for losses, claims, or expenses caused by using the Nifty indices or relying on the ground rules, errors, or inaccuracies. |
| Oversight body | NSE Indices Oversight Committee, Index Maintenance Sub-Committee (Equity), Index Advisory Committee (Equity) | The indices are calculated and administered by NSE Indices Limited. A professional team at NSE Indices Limited manages the indices, according to a detailed control and accountability frameworkOpen p.334 ↗ |
NSE Indices calculates and administers the indices, with maintenance by the Index Maintenance Sub-Committee, advice from the Index Advisory Committee, and oversight from the NSE Indices Oversight Committee. |
| Discretion points | exceptional situations where applying the stated methodology is impracticable, overriding correction of historical errors that would cause difficulties for product issuers or investors | Index Maintenance Sub-Committee reserves the right to take a decision to deal with any exceptional situation that may arise where application of stated methodology may not be practicable.Open p.335 ↗ |
The Index Maintenance Sub-Committee may decide exceptional cases where the stated methodology is impracticable and may override historical error corrections that would create difficulties for issuers or investors. |
| Methodology review frequency | Annual | Review of methodology of Nifty indices is carried out on an annual basis.Open p.340 ↗ |
The methodology of Nifty indices is reviewed annually. |
| External review | IOSCO assessment by Dalal Doctor and Associates in April 2024 | The last assessment was carried out by Dalal Doctor and Associates in April 2024. Detailed report can be accessed on the website.Open p.340 ↗ |
NSE Indices states it is compliant with IOSCO Principles and that its last assessment was conducted by Dalal Doctor and Associates in April 2024. |
| Consultation procedure | ongoing stakeholder feedback and Voice of Customer for discontinuation reviews | NSE Indices Limited on an on-going basis interacts with the stakeholders inviting the feedback through various channels of communication.Open p.340 ↗ |
NSE Indices gathers stakeholder feedback on an ongoing basis and conducts Voice of Customer research when reviewing possible index discontinuation. |
| Error correction policy | correct_errors_in_principle; committee may withhold corrections harmful to investors or issuers; notify users | In principle the Nifty family of indices are recalculated whenever errors occur. However, where the correction of a historical error would lead to difficulties for index product issuers or investors, the committee retains the right to override the correction.Open p.338 ↗ |
Errors are generally corrected, but corrections may be overridden to protect investors or issuers, and users are notified of corrections and non-correction decisions. |
| Change announcement | www.niftyindices.com, www.nseindia.com, press releases, leading data vendors | All index-related announcements are posted on the websites of NSE Indices Limited and NSE. Changes impacting the constituent list are also posted on the Web site.Open p.337 ↗ |
Announcements, daily values, constituents, methodology, and press releases are published on the NSE Indices and NSE websites, and indices are carried by leading data vendors. |
| Constituents published | Bool: Yes; Frequency: Daily | Daily index values, index constituents, methodology, and press releases are available on www.niftyindices.com and www.nseindia.com.Open p.341 ↗ |
Index constituents are published on the index websites, with the dissemination section identifying daily availability alongside daily index values. |
| Cessation policy | annual relevance review; triggers include feedback, internal assessment, regulation, lack of eligible stocks, or low acceptance; CEO and IMSC approval; market notice | The trigger for considering a discontinuation of any of the Nifty indices could be:Open p.339 ↗ |
NSE Indices may discontinue an index after relevance review and market feedback, with CEO and Index Maintenance Sub-Committee approval and adequate market notice. |
Open points · 54Model-written, for reference
- 1No official index name, code, administrator, launch date, base date, base value, currency, or methodology version is stated.
- 2The supplied sections do not identify the eligible markets, exchanges, listing boards, or security universes beyond equity securities and DVR equity classes.
- 3No minimum trading-history requirement is stated.
- 4The impact-cost section explains the metric but does not provide a numerical threshold, review window, or existing-constituent buffer.
- 5No minimum market capitalisation amount or rank is stated, apart from the DVR company-level aggregation methodology.
- 6No minimum foreign room, voting-rights threshold for unrestricted shareholders, minimum price, financial screen, ESG exclusion, suspension rule, or extreme-price screen is stated.
- 7M5 sections do not state the constituent selection method, ranking metrics, target constituent count, tie-break rule, industry neutrality rule, or reserve list.
- 8M5 sections do not explicitly state the overall index weighting scheme, although IWF and FIF indicate free-float-related weighting factors.
- 9M5 sections do not state single-issuer, group, sector, or country caps or when caps are applied.
- 10M5 sections do not state the source or update schedule for total shares outstanding, except that shareholding patterns used for IWF and FIF are submitted quarterly.
- 11M5 sections do not state a divisor adjustment rule for weight resets.
- 12M5 sections do not specify a domestic inclusion factor.
- 13Scheduled constituent review frequency, review types, review months, data cutoff, announcement and effective-date rules are not stated in the corporate actions, ipos, ad-hoc changes section.
- 14Rank buffers, size-segment buffers, liquidity buffers for existing constituents and maximum turnover per review are not stated in the corporate actions, ipos, ad-hoc changes section.
- 15No fast-entry rule for large new listings is stated in the corporate actions, ipos, ad-hoc changes section.
- 16No reserve list or separate corporate-actions guide name is stated in the corporate actions, ipos, ad-hoc changes section.
- 17The replacement policy does not map cleanly to reserve list, none, or next review; the text says fixed-count indices replace using index-specific eligibility criteria and variable-count indices do not replace.
- 18The document does not specify an intraday real-time calculation interval.
- 19The document does not specify whether closing auction prices, last traded prices, or reference prices are used when no trade occurs.
- 20The document does not provide a numerical notice period for methodology changes or index discontinuation, only 'adequate notice'.
- 21The document does not define material methodology changes.
- 22The document does not state a formal external consultation procedure for ordinary methodology changes, apart from ongoing stakeholder feedback.
- 23Profile index override: model reply contained no JSON object (stop reason=end turn, output tokens=9567); asked again one group at a time
- 24Profile index override identity objective: LLM call failed (model reply contained no JSON object (stop reason=end turn, output tokens=5089))
- 25The supplied codes NSE_E_699, NTMMQ50P, and BBG01YT5Z477 were not present in the provided index-specific section text and could not be evidenced from the document excerpt.
- 26The provided excerpt does not state an explicit ISIN, ticker symbol, launch date, or methodology version date for this index.
- 27The provided excerpt does not specify a nationality assignment rule beyond membership in the Indian Nifty Total Market universe.
- 28The provided excerpt identifies stocks but does not explicitly state whether DVR share classes are eligible for this specific index beyond the family-level DVR rules.
- 29The exact replacement security selection process for an ad hoc removal is not fully specified in the index-specific section, although the family rules address fixed-count replacements.
- 30The supplied identifiers NSE_E_699, NTMMQ50P, BBG01YT5Z477, and 50 could not be verified in the provided methodology excerpts.
- 31The index-specific section does not state an ISIN, ticker symbol, launch date, calculation currency, minimum free-float percentage, minimum foreign room, minimum price, or ESG exclusion.
- 32The excerpts do not provide a reserve list or the exact ad hoc replacement security beyond describing next-best eligible stocks.
- 33No separate notice period specific to this index is stated in its index-specific section; the appendix supplies general rules for other indices.
- 34The supplied short name, ticker, Bloomberg identifier, and slug are not stated text and could not be independently verified.
- 35No explicit tie-breaking rule is provided when eligible stocks have equal aggregate percentile scores.
- 36No reserve-list size or pre-ranked replacement pool is specified beyond selecting the next best stocks when required.
- 37The precise announcement notice period specific to this strategy index is not stated in its dedicated section, although general index-maintenance notice rules appear elsewhere.
- 38The index-specific section does not state the precise announcement date or publication channel for the semi-annual review results beyond the general minimum notice rule.
- 39The index-specific section does not specify whether quarterly SEBI concentration screening can alter weights outside June and December or only when non-compliance is found.
- 40No index-specific maximum turnover cap per review is stated.
- 41No size-segment buffer specific to this index is stated.
- 42No relaxed liquidity buffer for existing constituents is stated.
- 43The index-specific section does not state a fast-entry rule for large newly listed stocks.
- 44The index-specific section does not state a separate deletion price for ad hoc removals.
- 45The index-specific section links to corporate-action and share-update materials but does not name a separate corporate-actions guide.
- 46The provided sections do not state the NSE symbol, ISIN, NSE_E code, NTMMQ50P code, or Bloomberg identifier for this index.
- 47Index ticker, ISIN, NSE symbol, and Bloomberg code are not stated in the provided index-specific sections.
- 48Index launch date is not stated in the provided index-specific sections.
- 49A separate calculation-frequency statement in the index methodology section was not found; the real-time frequency is taken from the Index Characteristics table.
- 50The precise rebalancing effective time for this strategy index is not stated in its dedicated section, although the general schedule says reconstitution is effective from the last trading day of the respective month.
- 51No index-specific governance or change-management rules were stated for Nifty Total Market Momentum Quality 50; governance therefore follows the family profile.
- 52Index-specific codes NSE_E_699, NTMMQ50P, and BBG01YT5Z477 were not found text.
- 53No index-specific market or country classification statement beyond the India/Nifty Total Market parent universe was found.
- 54Not coveredM1 Identity, objective, classification: not covered by this edition
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