[1] The rate was originally published by the Fixed Income Money Market and Derivative Association of India (FIMMDA) and the National Stock Exchange of India (NSE).
This was moved to a dedicated organisation, Financial Benchmarks India Private Ltd (FBIL) in 2015 which is jointly owned by FIMMDA, the Foreign Exchange Dealers’ Association of India (FEDAI) and the Indian Banks' Association (IBA).
The success of the Overnight NSE MIBID MIBOR encouraged the Exchange to develop a benchmark rate for the term money market.
Further, the exchange introduced a 3 Day FIMMDA-NSE MIBID-MIBOR on all Fridays with effect from June 6, 2008, in addition to existing overnight rate.
To take the process of development further, FIMMDA and NSE have taken the initiative to co-brand the dissemination of reference rates for the Overnight Call and Term Money Market using the current methodology behind NSE – MIBID/MIBOR.