NSE group firm India Index Services and Products Ltd (IISL) today decided to drop IIFL Holdings Ltd from various indices from next week.
The move comes after IIFL Holdings demerged '5Paisa Digital Undertaking' from IIFL Holdings Ltd (IIFL) into its fully-owned subsidiary 5Paisa Capital.
In a circular, IISL said that IIFL Holdings Ltd will be excluded from Nifty 500, Nifty Midcap 150 and Nifty MidSmallcap 400 indices.
These changes would become effective from June 23.
"The Index Maintenance Sub-Committee (IMSC) has decided to make the...Replacement of IIFL Holdings Ltd in various indices on account of scheme of arrangement for demerger of 5Paisa Digital Undertaking from IIFL Holdings Ltd into 5Paisa Capital Ltd," the circular noted.
The exchange's group firm said that Sheela Foam Ltd would be included in the Nifty 500, Nifty MidSmallcap 400 and Nifty Smallcap 250 indices.