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The CNX Finance Index is designed to reflect the behaviour and performance of the Indian financial market which includes banks, financial institutions and housing finance and other financial services companies. The CNX Finance Index comprises of 15 stocks that are listed on the National Stock Exchange (NSE).
Market Representation
The criteria for the CNX Finance Indexinclude the following:
Market Representation
- The CNX Finance Index represents about 20.87% of the free float market capitalization of the stocks listed on NSE and 84.97% of the free float market capitalization of the stocks forming part of the Finance sector universe as on March 31, 2015.
- The total traded value for the last six months ending March 2015 of all index constituents is approximately 15.04% of the traded value of all stocks on NSE and 69.36% of the traded value of the stocks forming part of the Finance sector universe.
The criteria for the CNX Finance Indexinclude the following:
- Companies must rank within the top 500 companies by average free-float market capitalization and aggregate turnover for the last six months.
- The company's trading frequency should be at least 90% in the last six months.
- The company should have reported a positive net worth.
- The company should have an investable weight factor (IWF) of at least 10%.
- The company should have a listing history of 6 months. A company, which comes out with an IPO will be eligible for inclusion in the index, if it fulfills the normal eligibility criteria for the index for a 3 month period instead of a 6 month period.
- Final selection of 15 companies shall be done based on the free float market capitalization of the companies with an aim to provide adequate representation to sectors such as banks, financial institutions, housing finance and other financial services.
- The review will take place on a semi-annual basis.
- Below is the list of stocks included in this index.