"To take these reforms forward Boxing India in its second Executive Committee Meeting has unanimously agreed to launch the Indian Series of Boxing and also introduce a National Ranking System for all the boxers," BI said in a statement.

The BI, however, has not yet worked out the window for conducting the event.

The top male boxers across all International Boxing Association (AIBA) approved weight categories will participate and have a chance to win prize money besides their regular salaries.

The ISB would act as qualifier for the WSB, which will give the boxers an opportunity to directly qualify for the World Boxing Championships and the Olympics.

For the ranking system, a core committee will design a system that will ensure that all athletes in boxing get ranked on the basis of their participation in various state, zonal, national and international tournaments.

This point-based ranking system would start with state level tournaments and take into account international tournaments too.

"The purpose of the ranking system is to bring meritocracy and transparency, which will give the highest ranked boxers a chance to represent the country," the BI statement said.

The ranking system will also bring new talent into the forefront and ensure that top boxers participate in national events. Further there will be a grading system for boxers, who will get permanent contracts based on their rankings.

Announcing the reforms, BI President Sandeep Jajodia, said, "In the best interest of the sport, the boxers and the nation, it was imperative to take a decision and introduce reforms to transform the sport. Introduction of the ISB is one such reform that is poised to bring in a new boxing economy."

"These reforms are aimed at giving maximum exposure to our pugilists by providing a solid training platform and grooming them to perform well at the international sporting events. Therefore, these new reforms would not only be instrumental in enhancing the overall popularity of the sport and enhancing the skills of the boxers but would also ensure their financial growth," he added.

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