Standard & Poor's, the world's leading benchmark index provider, has launched an equity index of 60-listed Indian companies, aimed at providing international investors with information on tradable exposure to Indian equity markets. The 'S&P India Select Index' comprises leading companies, with no single scrip representing a weight more than 10% in the index. The key eligibility criteria for the index included a minimum market capitalization of $500 million and a six-month average daily trading volume of $2 million. According to the rating firm, the stocks that have reached the maximum percentage holding for Foreign Institutional Investors (FIIs) are excluded from the index in order to reflect the "lack of access of those stocks to foreign investors." The index will be rebalanced twice a year in April and October. The index is fully float adjusted and stock weights are determined by what is legally and practically available to foreign investors, the release added. The sectors represented in the S&P India Select Index include consumer staples, telecommunications, energy, material, industrials, utilities, financials, health care and information technology.