The circular dated April 16, 2014 had mentioned the establishment of an independent body to administer benchmarks to avoid conflicts of interest for the Fixed Income Money Market and Derivative Association of India (FIMMDA) and Foreign Exchange Dealers’ Association of India (FEDAI) in the benchmark setting process. The circular dated July 2, 2015 notes the establishment of Financial Benchmarks India Private Limited (FBIL), a company jointly floated by the FIMMDA, the FEDAI and the Indian Banks' Association, to act as act as an independent benchmark administrator. This circular also notes that from July 22, 2015, the "FIMMDA-NSE Overnight MIBID/MIBOR" will be replaced by the "FBIL- Overnight MIBOR". 

Circular