Asia Index Private ltd on Tuesday announced the launch of S&P BSE Bharat 22 Index to track the performance of select state-run companies in which the Government has divested its stake. The index, as benchmark for ‘Bharat 22’ disinvestment program of the Government, comprises 22 select bluechip companies of which 16 are Central Public Sector Enterprises , 3 are from Specified Undertaking of the Unit Trust of India (SUUTI) and 3 are PSU Banks, and are listed on the BSE. Significantly, S&P BSE Bharat 22 has been licensed to ICICI Prudential AMC for development of an exchange traded fund based on the index. S&P BSE Bharat 22 covers six sectors -- industrials, finance, utilities, energy, FMCG, basic materials and telecom. The index is represented largely (nearly 89 per cent) by companies from the S&P BSE largeCap index. Since its inception (March 17, 2006 as base date) to July-end 2017 the S&P Bharat 22 has outperformed S&P Sensex amid marginal volatility, Asia Index senior manager Mahavir Kaswa told reporters.