Within the framework of good governance of its Indexes, the Casablanca Stock Exchange sought to associate itself with a Scientific Committee. This Scientific Committee carries out a global reflection on the Casablanca Stock Exchange Indexes. It also acts as a supervisor of the Index. 

The Scientific Committee is independent of the Stock Exchange and exercises its free will in the interest of the markets and investors.

The Casablanca Stock Exchange is the Manager of the Casablanca Stock Exchange Indexes. It is in charge of the daily management of the Indexes. Any decision relating to the interpretation of the management rules of the Indexes is taken by the Index Manager. 

Scientific Committee Responsibilities

The Scientific Committee provides the Indexes with guarantees of :

  • Transparency: the decisions of the Committee are published as needed at the end of the Scientific Committee meetings.
  • Expertise: Committee members are experts in finance and statistics.
  • Independence: it ensures the integrity and neutrality of decisions affecting the Indexes.

From the Index Manager:

The Index Manager ensures the integrity, completeness, quality and accuracy of the information related to the composition, calculation, publication and adjustment of the Indexes, in accordance with the established rules. 

However, neither the Index Manager nor the Scientific Committee can be held responsible for the reliability of the data, the calculations and the publication of the Indexes, the information taken into account in the adjustments of these Indexes and the adjustments themselves.

Further, the Index Manager and the Scientific Committee do not guarantee the continuity of the method of calculation of the Indexes, nor the stability of their composition, nor the continuity of their distribution.


The Scientific Committee is composed of members appointed by the Index Manager. 

It is made up of :

  • Members representing the regulators : 
    • Representatives of the Moroccan Capital Market Authority (AMMC) and the Insurance and Social Security Control Authority (ACAPS).
  • Members representing capital markets trade associations:
    • Representatives of the Association of Moroccan Management Companies and Investment Funds (ASFIM).
    • Representatives of the Moroccan Federation of Insurance and Reinsurance Companies (FMSAR).
    • Representatives of the Moroccan Association of Actuaries (AMA).
    • Representatives of the Professional Association of Stock Exchange Companies (APSB).
  • Two independent expert members: financial market professionals, economists and academics with expertise in statistics and finance.
  • Representatives of the Casablanca Stock Exchange.

Casablanca Stock Exchange indexes range : Index calculation and adjustment rules 

FTSE CSE Morocco index series: the technical sheet and the management rules.


Management rules  Technical sheet  Rules for calculating and adjusting indices