Description

Dhani Services Limited is amalgamating with Yaari Digital Integrated Services Limited effective October 28, 2025, resulting in changes to multiple BSE indices including removal of Dhani Services and addition of Reliance Power and Paisalo Digital to certain indices.

Summary

BSE has announced changes to multiple indices effective October 28, 2025, due to the amalgamation of Dhani Services Limited (532960) with Yaari Digital Integrated Services Limited (533520). The scheme of arrangement will result in Dhani Services being dropped from several indices, while Reliance Power Ltd (532939) and Paisalo Digital Ltd (532900) will be added to certain indices as replacements.

Key Points

  • Dhani Services Limited (532960) is amalgamating with Yaari Digital Integrated Services Limited (533520)
  • Effective date for all changes: October 28, 2025
  • Dhani Services will be removed from 9 BSE indices
  • Reliance Power Ltd (532939) will be added to 3 indices as replacement
  • Paisalo Digital Ltd (532900) will be added to 1 index and removed from another
  • Changes have been included in the end-of-day corporate action file (*.SDE)

Index Changes

Indices Dropping Dhani Services (532960) Only:

  • BSE ALLCAP
  • BSE SMALLCAP
  • BSE MIDSMALLCAP
  • BSE FINANCIAL SERVICES

Indices Dropping Dhani Services and Adding Reliance Power (532939):

  • BSE 1000
  • BSE 1000 MULTICAP EQUAL SIZE WEIGHTED (25%)
  • BSE NEXT 500

Other Changes:

  • BSE 250 MICROCAP: Adding Reliance Power (532939), Dropping Paisalo Digital (532900)
  • BSE NEXT 250 MICROCAP: Dropping Paisalo Digital (532900) and Dhani Services (532960)

Compliance Requirements

  • Index fund managers and passive investment vehicles tracking these BSE indices must rebalance their portfolios to reflect the constituent changes
  • Market participants should refer to the end-of-day corporate action file (*.SDE) for implementation details
  • Queries should be directed to bseindex@bseindia.com

Important Dates

  • Announcement Date: October 23, 2025
  • Effective Date: October 28, 2025 (Tuesday)
  • Corporate Action File: Included in end-of-day file on announcement date

Impact Assessment

Market Impact:

  • Passive funds tracking affected indices will need to sell Dhani Services shares and purchase Reliance Power/Paisalo Digital shares as applicable
  • Trading volume may increase in affected stocks around the effective date due to index rebalancing
  • The amalgamation permanently removes Dhani Services from BSE index universe

Investor Impact:

  • Investors holding index funds or ETFs tracking these indices will see automatic portfolio adjustments
  • Active fund managers may need to review their benchmark exposures
  • The changes affect both large-cap indices (BSE 1000) and smaller-cap indices (Microcap, Smallcap)

Impact Justification

Index constituent changes affect passive fund holdings and investor portfolios tracking these indices. The amalgamation removes Dhani Services from multiple BSE indices while adding Reliance Power and Paisalo Digital to select indices.