New Delhi: Leading stock exchange NSE has stopped using the name of global financial market indexing and ratings major Standard and Poor's (S&P) for its various indices, including benchmark Nifty, as a licensing agreement between them in this regard has been terminated.
S&P had a licensing arrangement with India Index Services & Products Ltd (IISL), a joint venture between NSE and Indian ratings agency and S&P group firm Crisil, under which the Indian bourse was using S&P trademark in the names of its various indices including market benchmark Nifty.
However, the licensing agreement has expired with effect from January 31, 2013, IISL said in a statement.
"Consequently, the trademarks 'S&P' shall not be used henceforth (in the name of IISL indices)," it added.
Later, an NSE spokesperson said that it was mutually decided not to extend the agreement as Nifty has reached a position where it can stand on its own.
"It was mutually decided not to extend the agreement. We are confident that CNX Nifty 50 has acquired immense popularity in India and abroad and has the expertise to stand on its own feet," the spokesperson told PTI.
Following the expiry of licensing pact, S&P CNX Nifty Index has been renamed as CNX Nifty Index, while 'S&P' trademark has also been dropped from names of other indices -- namely Defty, Nifty Dividend, CNX 500, Nifty Shariah, CNX 500 Shariah and CNX Industry Indices.
Incorporated in November 1992, NSE was recognised as a stock exchange in 1993 and it went live with trading in equity and debt markets in 1994. The exchange launched its 50-share Nifty index in 1996, while it set up its IISL joint venture with Crisil in 1998 for indices and related services.