Besides, S&P BSE-200, an index of top 200 listed companies, would see Alkem Laboratories coming in the place of GE T&D.
The changes are announced by Asia Index, a joint venture between S&P Dow Jones Indices LLC and BSE.
Companies including GVK Power & Infrastructure, Jaypee Infratech, Jaiprakash Power Ventures, HMT, KSK Energy Ventures, Simplex Infrastructures, Clariant Chemicals India and Alok Industries will move out from S&P BSE 500 index.
Those moving in the S&P BSE-500 include L&T Technology Services, ICICI Prudential Life Insurance Company, Ujjivan Financial Services, Larsen & Toubro Infotech, Mahanagar Gas, Thyrocare Technologies, Dilip Buildcon and Parag Milk Foods.
In the S&P BSE Teck index, Persistent Systems and Den Networks will be dropped.
These changes would be effective from December 19, 2016.
Separately, Asia Index said that it has changed the methodology of several indices like auto, capital goods, consumer durables, power, realty, oil& gas, bankex from December onwards.
According to new methodology, "if the sector classification of a company changes between rebalances, the change is accounted for at the quarterly share update. Changes take effect at the open of the Monday following the third Friday of March, June, September, and December."
Currently, change is accounted for at the semi-annual rebalance.