MSCI has excluded Adani Energy Solutions from its latest index review after the stock remained under the National Stock Exchange’s short-term surveillance framework for unusual trading activity. The stock was part of the provisional additions announced earlier in the May 2026 review cycle.
The global index provider said securities placed under India’s Short-Term or Long-Term Additional Surveillance Measure lists are not eligible for inclusion in the Investable Market Index under its methodology. The revised changes will take effect after the close of trade on May 29, 2026.
At the same time, MSCI confirmed the inclusion of Federal Bank, Indian Bank, Multi Commodity Exchange of India and National Aluminium Company in its Global Standard Indexes.
Adani Energy Excluded After NSE Surveillance Action
MSCI said the exclusion followed its existing rules on securities placed under exchange surveillance mechanisms in India. Adani Energy Solutions had initially appeared among additions in the May review before the final decision was announced.
The company remains under the NSE’s Short-Term Additional Surveillance Measure framework, which tracks stocks witnessing unusual price movement or trading activity.
Federal Bank, MCX Among New Entrants
The latest MSCI review brought four additions to the standard index basket.
The newly included companies are:
- Federal Bank
- Indian Bank
- Multi Commodity Exchange of India
- National Aluminium Company
MSCI also removed several companies from the Global Standard Indexes, including Hyundai Motor India, Jubilant FoodWorks, Kalyan Jewellers and Rail Vikas Nigam.
Weight Changes Across Existing Constituents
MSCI increased the weightage of stocks such as Adani Power, Bharat Petroleum Corporation, FSN E-Commerce Ventures, Oracle Financial Services Software and Trent within the MSCI Standard Index.
Around 75 companies will see lower weightage after the review. Those include Bajaj Finance, Coal India, Hindustan Unilever, Infosys, Oil and Natural Gas Corporation, Tata Consultancy Services, UltraTech Cement, Hindustan Aeronautics, Mahindra & Mahindra and Nestle India.
MSCI Smallcap Index Adds 14 Companies
MSCI added 14 companies to its Global Small Cap Indexes during the latest review, while 29 firms were removed.
The additions include Aditya Infotech, Anthem Biosciences, Anupam Rasayan India, Bluestone Jewellery, Emmvee Photovoltaic, Escorts Kubota, Fractal Analytics, Indian Renewable Energy Development Agency, Jain Resource Recycling, Jubilant FoodWorks, Kalyan Jewellers, PhysicsWallah, Pine Labs and Tenneco Clean Air India.
Conclusion
The revised MSCI review removed Adani Energy Solutions from the final inclusion list after NSE surveillance restrictions remained in place. The latest changes will become effective after market hours on May 29, 2026, covering both the Global Standard Indexes and the Global Small Cap Indexes.