Hi,
In the release documents, it is mentioned Under title limits in Informix Dynamic Server 7.31:
Max Indexes are 77 for 2k page size (roughly double this number for 4k page size) and Max Columns per index are 16.
I agree with olded about the negative impact it creates when you go overboard with index creation and when it comes to maintain the rows in such tables. You will certainly going to gain substantial retrieval speed but at cost of maintenance of such rows. To trade-off between these two extremes, consider only those column(s) for candidature of index creation, should they be part of WHERE clause in several SQLs and applications.
Regards,
Shriyan