Index compiler FTSE said on Wednesday it planned to raise the weighting of India to 2.9 per cent from 2.3 per cent in its All-World Asia-Pacific ex-Japan Index as well as making a number of other changes.
Other countries whose weightings were raised are South Korea to 15.1 per cent from 14.6 per cent, Taiwan to 18.1 per cent from 15.7 per cent, and Pakistan to 0.3 per cent from 0.2 per cent.
The announcement was made after an annual review of the FTSE All-World Asia-Pacific ex-Japan Index, which has a market capitalisation of about $1.3 trillion.
"The constituent changes will become effective after the close of business on Friday, March 21," FTSE said in a statement.
Graham Colbourne, chairman of FTSE Asia Pacific, told a news conference that Taiwan and Korea had gained index share at the expense of Australia, Hong Kong and Singapore.
"Korea and Taiwan have more investible companies. Taiwan is a very diversified market and the free float has increased dramatically as the government has reduced foreign ownership restrictions," said Colbourne.
Taiwan was the most active component of the index, with 69 new Taiwanese companies to add to the benchmark FTSE Taiwan.
Weightings were cut for Australia to 30.9 per cent from 32.3 per cent and for Hong Kong to 16.3 per cent versus 17.4 per cent. Singapore's share in the index was reduced to 5.6 per cent from 5.9 per cent.
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