The initial criteria defined an independent release as any record which was released by a label with independent distribution, in an era when major record companies were self-distributed and smaller labels used alternative routes. Today, however, with even majors outsourcing their own distribution to independent operations, this criterion has become less relevant.
Under the new rules, a download or CD will be eligible for the Official Independent Charts if it is released on a label which is 50% or more owned by an independent (or non-major) company, irrespective of the distribution channel through which it is shipped or delivered.So now joint ventures with the Big Four major labels are officially "independent".
I think, however, that they missed the big picture. When the word "indie" is used to refer to musical product (bands, labels, records), it seldom refers to the business model under which the product was released. Typically, when a band or record is described as "indie", this refers partly to what they look or sound like (which is to say, to a greater or lesser extent like the independent bands between post-punk and the rise of Britpop), but more saliently, to the target demographic. "Indie" means sort of what "alternative" meant in the 1990s; a conspicuous badge of not being "mainstream" that doesn't require any more effort to obtain than being in the mainstream would, with its sounds and styles (not to mention the word "indie") borrowed from the original independent bands, only stylised and streamlined for easy mass consumption ("Note: lose all that stuff about Marxism and Fluxus and existentialism, and pump up the sex.")
As such, looking at the ownership and distribution of a record label when assessing whether a record is "indie" is woefully inadequate. A more suitable criterion would have to be based on a points system, with bands or releases being awarded points if they fulfil certain criteria, i.e.,
To keep the criteria relevant, a committee of industry, media and marketing types would convene every six months to update these rules to take into account recent trends. (For example, in light of the recent trend towards hipster-folk, the committee might now be debating allowing one point for band members with rustic-looking beards, or for bands having ukuleles in their instrumentation.)