Two days earlier, global index provider MSCI announced the deletion of Swiggy from its flagship MSCI Global Standard Index and Mid Cap Index, with effect from September 7, 2026. Swiggy was added to the MSCI indices in August 2025.
The removal follows shareholder approval of a proposal to cap the company’s total foreign ownership at 49.5%. The move forms part of Swiggy’s strategy to secure recognition as an Indian-Owned and Controlled Company (IOCC).
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The Indian owned and controlled company status would allow Swiggy to directly own and sell inventory through its quick commerce brand Instamart, a move expected to improve margins and strengthen supply chain control.
The food delivery and quick commerce firm has been trying to qualify as an IOCC. In May, Swiggy failed to secure the requisite shareholder approval to alter its Articles of Association, through which it had aimed to qualify as an IOCC.
Besides approving the foreign ownership cap proposal, Swiggy’s shareholders also approved an alteration to the Articles of Association (AoA) to align with India’s FEMA (Foreign Exchange Management Act) regulations.
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Under current FEMA rules, a company can qualify as Indian-owned and controlled only if both ownership and control rest with resident Indian citizens or eligible Indian entities, including through a board composition and nomination framework that supports domestic control over the board.
Swiggy’s foreign investors include Prosus, SoftBank, Tencent and Accel, while its Indian investors include SBI Mutual Fund, ICICI Prudential Asset Management and HDFC Mutual Fund, according to data compiled by LSEG.
Shares of Swiggy Ltd ended at ₹276.20, up by ₹5.95, or 2.20%, on the BSE.
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