Announcement for March 31, 2020 at 08:26 PM GMT

THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES

UPDATE ON THE TREATMENT OF FOREIGN OWNERSHIP LIMITS IN THE MSCI INDIA INDEXES

(Re: Announcements sent on January 23, March 29 and September 30, 2019)

MSCI will continue to include Depositary Receipts (DRs) in calculating the
Foreign Ownership Limit (FOL) for Indian securities as per the MSCI Global
Investable Market Indexes (GIMI) methodology.

As a reminder, the Indian Ministry of Finance published a circular on October
2019 raising the statutory Foreign Portfolio Investor (FPI) limit of Indian
companies to the sectoral foreign investment limit, effective April 1, 2020.
While the circular raises the statutory FPI limit to the sectoral foreign
investment limit, it also provides an option for companies to restrict their
respective FPI limits to a lower threshold, with the approval of the company's
Board of Directors and its General Body, before March 31, 2020.

MSCI will wait for the practical implementation of these changes and the
systematic publication of the new sectoral limits applicable to Indian
securities before making any changes to the MSCI Indexes. MSCI will therefore
maintain the current FOL for Indian companies and will defer changes to the
Foreign Inclusion Factors (FIF) resulting from Foreign Ownership Limit and
Foreign Room changes as part of the May 2020 Semi- Annual Index Review (SAIR)
and Corporate Events.

MSCI will continue to monitor securities appearing on the National Securities
Depository Limited (NSDL) & Central Depository Services Limited (CDSL) list for
which the Red flag or Breach limit has been reached on a daily basis and apply
the relevant treatment as per the GIMI methodology and closely monitor the
developments on the practical implementation of the changes related to the FOL
and will re-assess the situation prior to the Aug 2020 Quarterly Index Review
(QIR). MSCI will provide further communication on the treatment of Indian FOL
and Foreign Room no later than June 30, 2020.


THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES

                                     End of announcement.
                                     Further announcements may occur as needed.