S&P Dow Jones Indices Plans To Exit JV With BSE By May 31
Asia Index is known for calculating and maintaining the popular index Sensex.
Global index provider S&P Dow Jones Indices LLC will divest its entire stake in its joint venture with BSE Ltd.—Asia Index Pvt. by May 31. Asia Index is known for calculating and maintaining the popular index Sensex and other Asian indices under the umbrella brand S&P BSE Indices.
"S&P DJI is in the process of divesting its entire equity stake in AIPL. S&P DJI and BSE are targeting a May 31, 2024, closing date for the proposed divestment," said a statement issued by the bourse on Tuesday.
The company will continue providing services to clients until May 31, in accordance with the clients’ contracts with AIPL or S&P DJI, respectively. After the target closing date, AIPL will continue to provide its services to clients who remain subscribed to the indices, in accordance with relevant contracts.
The transition in relation to the proposed divestment includes the creation of a new Secure File Transfer Protocol, removal of reference to S&P DJI’s marks from the names of the S&P BSE indices, modifications to the codes in the files or scheme of the S&P BSE indices received by clients, and changes to the marketing documents used by clients that refer to the S&P BSE indices.
S&P DJI had announced back in March of its plan to sell stake in Asia Index, saying it views India as an important part of its global strategy and will continue to independently operate and maintain offices and staff in the country.
(With inputs from PTI)