Mumbai, Nov 20 (IANS): NSE group company India Index Services and Products (IISL) on Monday said it has launched the "Nifty SME Emerge Index" to reflect the performance of a portfolio of eligible small and medium enterprises (SMEs) that are listed on NSE's Emerge platform.

According to the stock exchange major, the SME Emerge Index -- which represented 62 per cent of the full market capitalisation of all SMEs listed on the NSE Emerge platform -- has been launched on the day when the platform has achieved the milestone of 100 IPO (initial public offering) listings.

The NSE said the Nifty Emerge Index is a well-diversified basket of SMEs spread across 14 sectors with services, IT and consumer goods as top three sectors by weight.

"Since its inception in December 2016, the index has given 39 per cent return as on November 15, 2017," Mukesh Agarwal, Chief Executive Officer of IISL, said in a statement.

The NSE said the base date for the index is December 1, 2016 and base value is 1,000.

"The index constituents are weighted based on free float market capitalisation and the composition is reconstituted on a quarterly basis," it added.

NSE added that the index will cater to the benchmarking needs of investors seeking to track the performance of SMEs listed on the NSE Emerge platform.