Mostly 3-4 rounds. VP round - Knowledge on Fixed Income markets, types of indices, team handling questions. Director (India) round - Specific questions on Index value calculations, widely tracked indices & their construction, design, questions on leadership. Director (Germany) - Detailed questions on bond pricing, valuation, impact of liquidity, issue size, coupon on index design, pricing & construction. Project management questions. HR - Analytical or logical reasoning questions.