“The Index Maintenance Sub-Committee (IMSC) has decided to make the following replacement of stocks in various indices as part of its periodic review. These changes shall become effective from 25 September,” NSE said in a statement.

SBI Life Insurance Company Ltd is the second insurance company to be part of the Nifty 50 index composition. HDFC Life Insurance HDFC Life Insurance Company Ltd replaced Vedanta Ltd in the Nifty 50 index starting 31 July.

SBI Life Insurance was listed on the stock exchanges on 3 October 2017 with an issue price of ₹700. On Thursday, the stock closed at ₹852.85. From its listing, market cap has risen 20% to ₹85268.41 crore from ₹14468.41 crore.

Consequently, Zee Entertainment Enterprises Ltd is excluded from Nifty 100 and included in Nifty Midcap 150, Nifty Smallcap 250 among other indices.

The exchange also revised criteria for Nifty 500, Nifty 100 and Nifty Midcap 150 indices. The press statement stated that to be part of the Nifty 500 index, companies should rank within top 800 based on both average daily turnover and average daily full market capitalization based on previous six months period data. Additionally, the investible weight factor (IWF) of stock should be at least 0.10 (10% free float)

“Six month average free float market capitalization of the stock should be at least 25% of the six month average full market capitalization of the existing smallest index constituent (prior to index review) by full market capitalization in Nifty 500 as of the cut-off date,” NSE release said.