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Detailed explanation-1: -Q. Which institution launched India’s first municipal bond index? Notes: National Stock Exchange (NSE) launched India’s first municipal bond index, the India Municipal Bond Index (IBMX). The Nifty India Municipal Bond Index was launched at a SEBI workshop on Municipal Debt Securities at Bengaluru.

Detailed explanation-2: -Indore Municipal Corporation’s (IMC) municipal bond issue became the first to issue this bond. Bonds to raise funds for the project of Municipalities: Municipalities raise money to fund public infrastructure, such as roads, water supply and sewerage by issuing bonds.

Detailed explanation-3: -Municipal bonds (or “munis” for short) are debt securities issued by states, cities, counties and other governmental entities to fund day-to-day obligations and to finance capital projects such as building schools, highways or sewer systems.