India VIX Formula \text{India VIX} = \sqrt{\frac{2}{T} \sum_{i=1}^{n} \frac{\Delta K_i}{K_i^2} e^{RT} Q(K_i) - \frac{1}{T} \left(\frac{F}{K_0} - 1\right)^2} Where: • T = time to expiry (in years) • Kᵢ = strike price of the i-th out-of-the-money option • ΔKᵢ = interval between strike prices • Q(Kᵢ) = mid-point of bid-ask price for the i-th option • R = risk-free interest rate (like yield on 30-day Treasury Bills) • F = forward index level (from options data) • K₀ = strike price just below the forward index level