Mumbai, Oct. 31 -- The Securities and Exchange Board of India (SEBI) has extended the implementation timelines for stock exchanges to realign the composition and weights of non-benchmark indices (NBIs) such as BANKNIFTY, FINNIFTY and BANKEX in order to meet its revised eligibility criteria for derivative trading.

The market regulator said the new prudential norms, which mandate a minimum of 14 constituents and cap the top constituent's weight at 20% and the top three combined at 45%, will now come into force in a phased manner.

According to the circular, the compliance deadline for BANKNIFTY has been extended up to 31 March 2026, while BANKEX (BSE) and FINNIFTY (NSE) must align with the criteria by 31 December 2025.

Earlier, SEBI had s...