The National Stock Exchange will launch a new index, LIX-15, on July 8. The index will consist of 15 stocks drawn from the CNX-100 index.

These have a minimum free float market capitalization of Rs 5,000 crore with a turnover ratio (TRO) greater than 100 per cent in majority of the last six months and are individually eligible for the F&O segment.

Turnover ratio is the ratio of scrip’s monthly turnover to average free float for the month annualized.

The maximum weight of a single stock has been capped at 15 per cent. The index would be calculated daily. The index will have stocks from nine industries and has 96 per cent correlation with the Nifty since inception.

LIX-15 will have a base value of 1,500 and a base date of January 1, 2009. The index would be reviewed once in six months. Stocks with free float market capitalization of less than Rs 4,000 crore or TRO of less than 100 per cent in 3 out of 6 months would be excluded.

Leading bourse National Stock Exchange (NSE) today launched 'LIX 15' index, which will be available in the derivatives segment, in a bid to provide exposure to the liquid stocks.