| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| G1 Scope, precedence and principles · 4 fields | |||
| Covered indices | Equity indices maintained and calculated by Mirae Asset Global Index Pvt. Ltd. | This document serves as a comprehensive guideline for the processes involved in the maintenance and calculation of equity indices.Open p.3 ↗ |
The document provides guidelines for maintaining and calculating Mirae Asset equity indices. |
| Precedence rule | An index's own methodology takes precedence where it specifies different treatment; otherwise these general guidelines apply. | If the Fast Track Entry provisions differ for any index, the rules outlined in the respective index methodology will take precedence.Open p.6 ↗ |
Where an index methodology contains a different rule, that index methodology prevails over these general rules. |
| Principles | Transparency, Consistency, practical approach based on market standards, adherence to IOSCO Principles for Financial Benchmarks | Mirae Asset Global Index Pvt. Ltd. is strongly committed to adhering to the IOSCO Principles for Financial Benchmarks to ensure the highest standards of transparency in maintenance and calculation of its indices.Open p.3 ↗ |
Mirae states a commitment to IOSCO principles, transparency, consistency and a practical market-standards-based approach. |
| Administrator | Mirae Asset Global Index Pvt. Ltd. | The objective of this document is to clearly define the methodologies followed by Mirae Asset Global Index Pvt. Ltd. as part of its Index Calculation and Maintenance process.Open p.3 ↗ |
The index administrator and provider is Mirae Asset Global Index Pvt. Ltd. |
| G2 Calculation and publication · 13 fields | |||
| Foreign exchange adjustment | Apply an FX rate to each security whose trading currency differs from the index calculation currency. | In case the currency of the security is different from the currency being used in Index calculation then the foreign exchange rate is also taken into consideration for individual securities.Open p.3 ↗ |
Securities priced in currencies other than the index currency are converted using individual foreign exchange rates. |
| Float market cap weighting | Float market-cap-weighted indices use total shares multiplied by price, FX rate, investable weight factor and weighting cap factor. | Another variant is the float market-cap-weighted index, where float market capitalization is taken instead. The shares are adjusted for float and are represented by the equation belowOpen p.3 ↗ |
A float-adjusted market-cap index scales shares by an investable weight factor and any weighting cap factor. |
| Investable weight factor not adjusted for foreign restriction | Yes | Investable Weight Factor is the unit that shows how much portion of a company's total shares is available to the investors for trading freely on the stock exchange. This is not adjusted for foreign ownership restriction.Open p.4 ↗ |
The investable weight factor is not adjusted for foreign ownership restrictions. |
| Formula type | Divisor | The Divisor, the denominator, is a mathematical factor that is defined at the inception of the Index. The Divisor is a term induced to adjust for certain corporate actions and index rebalances.Open p.3 ↗ |
Indices are calculated using a market-value numerator divided by an index divisor. |
| Return variants | PR, GTR, NTR | Depending on the return type in consideration, Mirae Asset Global Index offers calculation in three versions of indices:Open p.3 ↗ |
Indices are offered in price return, gross return and net return versions. |
| Dividend treatment | PR ignores specified dividends; GTR includes dividend income; NTR includes tax-adjusted dividend income. | Price Return (PR): The return measure that considers only the capital appreciation of the portfolio, while the income generated by the assets in the portfolio, in the form of certain dividends, is ignored.Open p.3 ↗ |
Price return reflects only capital appreciation, gross return includes dividends, and net return includes tax-adjusted dividends. |
| Withholding tax basis | Tax-adjusted dividend income; the specific tax rate basis is not stated. | Net Return (NTR): The return measure that considers the capital appreciation of the portfolio and the tax adjusted income generated by the assets in the portfolio in the form of dividends.Open p.3 ↗ |
Net return uses tax-adjusted dividend income, but no withholding tax rate or tax-rate source is specified. |
| Divisor adjustment rule | The divisor is adjusted for price and share adjustment factors so that corporate events do not change the index level solely because of the event. | Divisor is a factor that is used to calculate the value of an Index and is adjusted so as to reflect the impact of the corporate events on the Index. The divisor is a way to maintain the continuity of the Index series.Open p.4 ↗ |
The divisor is recalculated using price and share adjustment factors to maintain continuity of the index series. |
| Divisor adjustment events | corporate action events, index rebalances, changes in constituent share counts, changes in price adjustment factors | The Divisor is a term induced to adjust for certain corporate actions and index rebalances.Open p.3 ↗ |
Divisor adjustments are triggered by corporate events, index rebalances and changes in price or share adjustment factors. |
| Calculation frequency | end-of-day, real-time for select indices | For each index, end-of-day index levels are calculated and published following the close of trading in the underlying securities, using their respective official closing prices.Open p.5 ↗ |
End-of-day levels are calculated for each index, while real-time levels are calculated only for select indices. |
| Calculation times | End of day: after the close of trading in the underlying securities; Real time: during market hours for select indices | For each index, end-of-day index levels are calculated and published following the close of trading in the underlying securities, using their respective official closing prices.Open p.5 ↗ |
Closing levels are calculated after the underlying market close, and real-time levels are disseminated during market hours for select indices. |
| Currency | Index currency is specified by the index; securities denominated in other currencies are translated using foreign exchange rates. | In case the currency of the security is different from the currency being used in Index calculation then the foreign exchange rate is also taken into consideration for individual securities.Open p.3 ↗ |
The index is calculated in its designated index currency, with foreign exchange rates applied to securities in other currencies. |
| Publication channels | real-time dissemination for select indices, encrypted SFTP files | In addition, for select indices, real-time index levels may be calculated and disseminated during market hours based on real-time prices of the underlying securities.Open p.5 ↗ |
Index levels may be disseminated in real time, and daily constituent and level files are distributed to clients through encrypted SFTP. |
| G4 Corporate events · 7 fields | |||
| Corporate action reference document | Detailed corporate action treatments are in the Mirae Asset Standard Corporate Action Treatment Methodology. | Please refer to Mirae Asset Standard Corporate Action Treatment Methodology document which explains treatments of various events.Open p.5 ↗ |
The general rulebook refers corporate-action event treatments to Mirae Asset's separate standard corporate action treatment methodology. |
| Corporate event removal notice | 2 index business days | In case of corporate events involving removal of any of the existing index constituents, a minimum of two index business days’ advance notice will be released before effective date of index adjustment.Open p.5 ↗ |
Corporate events that remove an existing constituent require at least two index business days' advance notice. |
| Corporate event removal price | last available close price, subject to deal-term valuation for non-tradable merger or acquisition constituents | The index adjustment will be made using the last available close price of the impacted constituent/s, as applicable.Open p.5 ↗ |
A constituent removed because of a corporate event is adjusted using its last available close, except that deal terms may be used for a non-tradable merger constituent when appropriate. |
| Sanctions | OFAC sanctions are monitored continuously and may lead to constituent removal and/or exclusion from the eligible universe after case-by-case assessment. | Sanctions imposed by the Office of Foreign Assets Control (OFAC), a financial intelligence and enforcement agency within the U.S. Department of the Treasury, are monitored on an ongoing basis.Open p.6 ↗ |
Affected companies or countries may be removed or excluded because of OFAC sanctions, with advance notification when index treatment is needed. |
| Merger acquisition | Removals due to merger or acquisition receive at least two index business days' notice; if the security is not tradable, its prior-close valuation may be updated to reflect deal terms when appropriate. | If the index constituent which is subject to removal because of a merger or acquisition is not tradable, its valuation at the close prior to the effective date could be updated to reflect the deal terms of the transaction whenever considered appropriate.Open p.5 ↗ |
For merger-driven removals, Mirae gives advance notice and may value a non-tradable constituent using deal terms rather than only the last close. |
| Spin off | Known future spin-offs are identified and considered before the periodic rebalance effective date to help minimize turnover. | During the periodic rebalance process, all known future corporate events, such as mergers and spin-offs, are identified and considered ahead of the effective date to help minimize turnover.Open p.5 ↗ |
Spin-offs that are known during a periodic rebalance are considered in advance of the effective date. |
| New listing | Eligible IPOs may receive fast-track entry outside scheduled rebalancing only for indices whose methodology includes the provision. | For indices that include a provision for Fast Track Entry of IPO Securities in their respective methodologies, a review is conducted to evaluate IPO securities for potential inclusion in the index outside the scheduled reconstitution/rebalance schedule.Open p.6 ↗ |
Fast-track IPO inclusion is available only where an index methodology provides for it and the stated eligibility conditions are met. |
| G6 Disruption, emergencies and corrections · 2 fields | |||
| Standard weekly calendar | 5-day weekly calendar | As a standard procedure, a 5-day weekly calendar is used for index calculation across all markets.Open p.5 ↗ |
Index calculation across all markets follows a standard five-day weekly calendar. |
| Market disruption rule | On a full-day market closure or premature market close, the previous day's prices may be used for index calculation; specific holiday treatments may apply if set out in the index methodology. | As a standard procedure, a 5-day weekly calendar is used for index calculation across all markets.Open p.5 ↗ (not found verbatim in the PDF) |
When trading is disrupted by closure or an early close, Mirae may calculate the index using the previous day's prices. |
| G7 Review and constituent changes · 9 fields | |||
| Rebalance schedule source | Each index methodology defines its rebalance schedule. | The index is rebalanced as per the rebalance schedule defined in the respective index methodologies.Open p.5 ↗ |
There is no single general rebalance schedule; indices are rebalanced according to their respective methodologies. |
| Periodic rebalance adjustments | A periodic review may change constituent weights, add or delete securities, and adjust the divisor; adjustments are made before the effective date. | This review may result in changes to constituent weights, additions or deletions of securities, and adjustments to the index divisor. In such cases, the necessary adjustments are made to the index prior to the rebalance effective date.Open p.5 ↗ |
Periodic reviews are implemented before the rebalance effective date and may alter weights, constituents and the divisor. |
| Known future corporate events | Known mergers and spin-offs are considered ahead of a periodic rebalance effective date to help minimize turnover. | During the periodic rebalance process, all known future corporate events, such as mergers and spin-offs, are identified and considered ahead of the effective date to help minimize turnover.Open p.5 ↗ |
Future mergers and spin-offs known at the rebalance are incorporated in advance to reduce unnecessary turnover. |
| Fast entry data basis | Weights and shares for fast-track IPO entries are determined using data as of the IPO Evaluation Day. | Both weights and shares will be determined using data as of the IPO Evaluation Day.Open p.6 ↗ |
Fast-track IPO weighting and share counts use data from the IPO Evaluation Day defined in the relevant index methodology. |
| Data cutoff rule | Rebalance dates and corresponding reference dates are determined by each index's methodology. | The rebalance date and corresponding reference dates are determined based on the specifications outlined in each index’s methodology.Open p.5 ↗ |
The general rulebook does not set a universal reference date; each index methodology specifies rebalance and reference dates. |
| Announcement rule | Corporate-event removals require at least two index business days' advance notice; fast-track IPO inclusions become effective five index business days after announcement; sanctions treatments receive advance notification. | In case of corporate events involving removal of any of the existing index constituents, a minimum of two index business days’ advance notice will be released before effective date of index adjustment.Open p.5 ↗ |
Advance notice is required for corporate-event removals, fast-track IPO additions and necessary sanctions-related index treatment. |
| Fast entry rule | Size threshold: Company-level total market capitalization exceeds the company-level total market capitalization of at least 50% of existing index constituents; Timing: Minimum listing period: 10; Minimum listing period unit: Calendar days; Effective after announcement: 5; Effective after announcement unit: Index business days | For indices that include a provision for Fast Track Entry of IPO Securities in their respective methodologies, a review is conducted to evaluate IPO securities for potential inclusion in the index outside the scheduled reconstitution/rebalance schedule.Open p.6 ↗ (not found verbatim in the PDF) |
A qualifying IPO must be listed for at least 10 calendar days, meet initial universe, eligibility and selection requirements, and have company-level market capitalization greater than at least 50% of existing constituents; inclusion is effective five index business days after announcement. |
| Ad hoc deletion triggers | Acquisition, Other | In case of corporate events involving removal of any of the existing index constituents, a minimum of two index business days’ advance notice will be released before effective date of index adjustment.Open p.5 ↗ |
The text expressly identifies merger or acquisition removals and sanctions-driven removals as extraordinary corporate-event situations. |
| Deletion price | last available close price, except that a non-tradable merger or acquisition constituent may be valued to reflect deal terms when appropriate | The index adjustment will be made using the last available close price of the impacted constituent/s, as applicable.Open p.5 ↗ |
Removals use the impacted constituent's last available close, with possible deal-term valuation for non-tradable merger or acquisition situations. |
Open points · 13Model-written, for reference
- 1No printed rulebook version label was found.
- 2No effective date for the rulebook or a specific version was found.
- 3No universal periodic review frequency was stated; the schedule is delegated to each index methodology.
- 4No universal periodic review effective date, buffer zone, reserve list, replacement policy or turnover limit was found.
- 5No default universe eligibility screens, size minimums, liquidity thresholds, trading-history rules or risk-warning screens were stated in the provided general rulebook text.
- 6Detailed treatments for cash dividends, bonus issues, splits, reverse splits, rights issues, placements, conversions, capital reductions, spin-off mechanics, suspensions, delisting, bankruptcy and listing transfers are deferred to a separate corporate action treatment methodology not provided.
- 7No index-level publication precision or rounding rule was found.
- 8No specific index calculation currency was stated; only the general index-currency and FX conversion rule was provided.
- 9No emergency procedure, error correction policy or recalculation policy was found.
- 10The fast-entry rule excludes no boards, so excluded boards could not be populated.
- 11Not coveredG3 Prices and market data: not covered by this edition
- 12Not coveredG5 Shares, free float and weight factors: not covered by this edition
- 13Not coveredG8 Governance, changes and termination: not covered by this edition
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