Stock Exchanges, Indices & Benchmarks

Structural Origins of Benchmark Authority in Indian Markets A market benchmark does not emerge from popularity, repetition, or media visibility. It emerges when market participants, institutions, regulators, and systems implicitly agree to treat a single reference as the neutral description of “the market.” In India, that reference gradually became the NIFTY indices. This outcome was […]

Conceptual Framing: Benchmarks as Market Infrastructure In modern capital markets, benchmarks are not descriptive artefacts but structural infrastructure. They function as reference anchors for valuation, performance attribution, risk modeling, capital allocation, regulatory compliance, and institutional decision-making. In the Indian context, the National Stock Exchange occupies this role primarily as a benchmark-originating institution rather than as