'The Nifty AAA' corporate bond index series comprises of five indices across different maturities and one composite index.
Corporate bonds assigned with 'AAA' ratings are considered to be of high credit quality with the lowest risk of default.
"The indices are expected to act as benchmarks for asset managers looking for an effective metric that measures the risk-return dynamics of the corporate bond market," IISL said in a statement.
"The indices are also expected to be reference indices to be tracked by passive funds in the form of exchange traded funds (ETFs), index funds and structured products," it added.
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The composite index 'Nifty AAA corporate bond index' represents all maturities.
"The index construction methodology pays specific attention to maintaining high portfolio liquidity, lower portfolio turnover and better market coverage," IISL CEO Mukesh Agarwal said.
The base date for all the indices has been set as December 31, 2013 and base value is 1,000.
The index would be calculated on an end-of-day basis and would be reviewed on a quarterly basis.