In April , India announced India VIX. Obviously I have not kept track of this event for various reasons. However today when I browsed through the NSE site, I found that NSE has outlined the methodology for India VIX. It is exactly same as CBOE. There was one thing which was very disheartening, the document which outlies the procedure is a Ctrl C+ Ctrl V of the CBOE documents with author putting no effort whatsoever in taking time out in at least typing the formulae in Latex. He/She seemed to have pasted the formula as a gif/jpeg and it makes the document so ugly. It hardly takes a few minutes to write the formula in Latex and prepare a professional document.

This document on NSE site, one of the premier stock exchanges in India which is in the top 10 derivative exchanges in India, needs to beef up the quality of presentation. In years from now, one just cannot copy all the products in US and replicate the same formula, same structure. Financial Innovation comes from careful and smart customization of the products. Copying all VIX based products will not do. In any case, I just hope if they end up copying, at least I hope they put in some effort in better documentation !!

Link : India VIX