Indian investment services firm Geojit Financial Services has launched two unique equity indexes created by MSCI. The newly launched indexes, Select and LMS, are part of the company’s Smartfolios product. While Select is based on the MSCI India Domestic IMI Select sub-industries index; LMS is based on MSCI India Domestic IMI Select 30 index.
Making the announcement through a statement, Jones George, Executive Director of Geojit, said that the two indexes will offer a better choice of investment strategies to their clients. “Each index basket has its own unique features and based on risk appetite and investment horizon, our customers can select the basket,” he added.
The Select baskets feature securities from selected Global Industry Classification Sector (GICS) sub-industries like food retail, distillers & vintners, diversified support services, department stores, footwear, movies & entertainment, interactive media & services, financial exchanges & data, internet & direct marketing retail, and interactive home entertainment.
The Smartfolios LMS basket, on the other hand, is a stock index which consists of 30 securities with a selection of 10 securities from each market cap segment of large, mid and small-cap. The basket is exclusive for Geojit retail customers.
The MSCI Domestic IMI index, which measures the performance of the large, mid and small-cap segments of the domestic market, will be the benchmark for both the newly launched indexes of Geojit.
With an experience of over 5 decades, MSCI is one of the largest providers of critical decision support tools and services for investors around the globe
Speaking on the development, Douglas Walls, Head of Index Products APAC, MSCI, said that the company was “delighted” to provide Geojit index expertise to meet the needs of investors who were looking to increase their equity exposure in India.
“As more investors use index data and tools to support their investment decisions, a more diversified choice of indexes become increasingly vital to Indian and international institutions investing or operating in the country,” he added.
Geojit is a leading investment services company in the Indian market, The company also has a stgrong presence in the Gulf Cooperation Council (GCC) countries. It boasts of a client base of over 12,17,000 with a network of 486 offices.
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