This also includes quarterly rebalancing of shares outstanding and investible weight factors, the exchange said in a press release.
NSE said it will continue to monitor market conditions and announce the revised date of implementation of index rebalancing changes by providing two-weeks notice.
The decision has been taken considering the recent extreme market volatility, index-based market wide circuit breaker events, increased margin requirement, travel restrictions imposed in Mumbai and other Indian cities, it said.
The index rebalancing was earlier scheduled to come into effect from March 27, 2020.
The replacements in various equity indices is a part of periodic review.
"However, the changes required to ensure ETFs (exchange traded funds) /Index Funds' compliance with Sebi Portfolio Concentration Norms related to index constituent impact cost criteria, maximum weight of top stock and top 3 stocks within the index will be applied effective March 27, 2020 (close of March 26, 2020)," it added.
In order to comply with index constituent impact cost criteria, NSE has replaced Gayatri Projects Ltd with Gujarat Fluorochemicals Ltd in NIFTY 500, NIFTY Smallcap 250 and NIFTY MidSmallcap 400.
The change would come into effect from March 27, 2020. SRS RVK