MSCI Inc. has announced the results of its February 2026 Index Review for the MSCI Equity Indexes. All changes will be implemented as of the close of February 27, 2026. The review includes revisions across the MSCI Global Standard Indexes, Small Cap Indexes, Investable Market Indexes (IMI), All Cap Indexes and Frontier Markets Indexes.
In light of currently observed market accessibility issues, MSCI will not implement changes as part of this review for any securities classified in Bangladesh for the MSCI Bangladesh Indexes or impacted composite indexes.
Under the MSCI Global Standard Indexes, 63 securities will be added to and 61 securities will be deleted from the MSCI ACWI Index.
The three largest additions to the MSCI World Index, measured by full company market capitalization, are:
The three largest additions to the MSCI Emerging Markets Index are:
There will be 204 additions and 134 deletions in the MSCI ACWI Small Cap Index.
The MSCI ACWI Investable Market Index (IMI) will see 206 additions and 134 deletions.
The MSCI World All Cap Index will record 143 additions and 41 deletions.
There will be six additions and six deletions in the MSCI Frontier Markets Index.
The three largest additions to the MSCI Frontier Markets Index, measured by full company market capitalization, are:
Additionally, the MSCI Frontier Markets Small Cap Index will see 22 additions and five deletions.
As part of the February 2026 review, Aditya Birla Capital Ltd. and L&T Finance Ltd. have been added to the MSCI Global Standard Index, while Indian Railway Catering and Tourism Corporation (IRCTC) has been removed.
Following these changes, the number of Indian companies in the MSCI Global Standard Index will increase from 164 to 165.
Despite the reshuffle, India’s weight in the MSCI Standard Index remains unchanged at 14.1%.
The adjustments will take effect from the close of February 27, 2026.
According to estimates:
The February review also brought significant changes to the MSCI Smallcap Index.
Seven Indian stocks have been added:
A total of 34 Indian stocks have been removed. These include:
Following the review, the total number of Indian stocks in the MSCI Smallcap Index will decline sharply to 480 from 508, reflecting continued pressure in the small-cap segment.
MSCI Inc. strengthens global markets by connecting participants across the financial ecosystem with a common language. Its research-based data, analytics and indexes, supported by advanced technology, help global investors understand risks and opportunities. MSCI serves asset managers and owners, private-market sponsors and investors, hedge funds, wealth managers, banks, insurers and corporates.
The process for submitting a formal index complaint is available on the index regulation page of MSCI’s website.
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