Step 1: Recall the definition of modulation index.
The modulation index is
\[
m=\frac{V_m}{V_c},
\]
where
\[
V_m
=
\text{peak voltage of the message signal},
\]
and
\[
V_c
=
\text{peak voltage of the carrier wave}.
\]
Step 2: Find the message signal amplitude.
The message signal is \(60\%\) less than the carrier signal.
Hence,
\[
V_m
=
40\%\text{ of }V_c
=
0.4V_c.
\]
Therefore,
\[
m
=
\frac{0.4V_c}{V_c}
=
0.4.
\]
Step 3: Write the answer.
Hence,
\[
\boxed{0.4}.
\]
Thus,
\[
\boxed{(B)}
\]
is the correct answer.