MSCI’s November 2026 index review has brought significant changes to global and Indian equity benchmarks, with four Indian companies added to the Global Standard Index and Bitcoin treasury company Strategy removed from major global equity indexes. The changes could influence passive fund allocations and trading activity around the affected stocks.
In its India review, MSCI added Life Insurance Corporation of India, Coforge, Adani Green Energy and Meesho to the Global Standard Index. PI Industries was removed. The changes are expected to take effect as part of the November index implementation.
Indian Stocks See Potential Passive Inflows
According to estimates from Nuvama Alternative and Quantitative Research, the additions could attract potential passive inflows of approximately $630 million into Coforge, $468 million into LIC, $348 million into Adani Green Energy and $307 million into Meesho.
PI Industries could face estimated outflows of around $119 million following its removal. MSCI also increased the index weights of 11 companies, including Billionbrains Garage Ventures, Lenskart, JSW Steel, Adani Energy Solutions, Coal India, Paytm, Bharat Forge, Oracle Financial Services Software, Zydus Lifesciences, Vedanta and Bosch.
Nuvama estimated potential inflows of $97 million into Billionbrains Garage Ventures, $85 million into Lenskart, $69 million into JSW Steel and $60 million into Adani Energy Solutions due to their higher index weights.
Weights were reduced for companies including NTPC, Eicher Motors, Grasim, REC, Hindustan Aeronautics, Cipla, GAIL, MRF and Siemens India. The changes could result in estimated outflows across these stocks. In the MSCI Emerging Markets Small Cap Index, 11 stocks were added and 29 removed. India‘s weight in the MSCI Emerging Markets Standard Index is expected to increase from 12.9% to 13.1%.
Strategy Removal Raises Questions Over Bitcoin Treasury Companies
Separately, MSCI confirmed that it will remove Strategy, formerly known as MicroStrategy, from global equity benchmarks including MSCI USA, MSCI World and MSCI ACWI. The removal is scheduled to take effect after the market close on November 30.
The decision follows MSCI’s framework for non-operating companies, which restricts index eligibility for businesses whose assets are predominantly investment holdings rather than operating assets. Although Strategy continues to operate an enterprise software business, that segment accounts for less than 1% of its total assets, while the majority of its balance sheet is linked to its Bitcoin treasury.
MSCI’s review also removed Japan‘s Bitcoin treasury company Metaplanet and UK uranium-holding company Yellow Cake. The decision does not delist Strategy from Nasdaq or require the company to sell its Bitcoin holdings.
Strategy has estimated that passive funds tracking MSCI indexes hold approximately 13 million of its shares, equivalent to around 3.1% of its basic shares outstanding. JPMorgan previously estimated that the exclusion could trigger approximately $2.8 billion in outflows from MSCI-tracking funds.
The decision could make it more difficult or expensive for Strategy to raise capital through equity issuance to finance additional Bitcoin purchases. The company has criticised MSCI’s policy, arguing that its Bitcoin treasury model represents a legitimate business strategy. Further decisions by other major index providers could create additional risks, although no further exclusions should be treated as confirmed.
Which Indian stocks were added to the MSCI Global Standard Index in November 2026?
LIC, Coforge, Adani Green Energy and Meesho were added to the MSCI Global Standard Index.
Which Indian stock was removed?
PI Industries was removed from the MSCI Global Standard Index in the November review.
Why is MSCI removing Strategy from its indexes?
MSCI’s framework restricts companies whose assets are predominantly investment holdings rather than operating assets. Strategy’s balance sheet is largely linked to its Bitcoin treasury.
Will Strategy have to sell its Bitcoin after the MSCI removal?
No. The index exclusion does not legally require Strategy to sell its Bitcoin holdings or delist from Nasdaq.
How much passive outflow could Strategy face?
JPMorgan previously estimated potential outflows of approximately $2.8 billion from MSCI-tracking funds.
