About half the companies now forming a part of the index are expected to be shown the door and replaced by more active scrips.
On the other hand, the 70-share index is being introduced to present a more broad-based picture of the state of the market.
A sub-committee comprising vice-president, Sanjay Kaul and two directors Rahul Malik and S K Uboveja, will finalise the names of the scrips which need to be moved out and replaced by more active scrips.
The committee is expected to submit its report by Monday, following which the DSE board will meet again and ratify the revamp of the existing index and setting up of a new 70-share index.
The move which has been kept a closely guarded secret had been initiated quite some time back when the Delhi Stock Exchange authorities asked the leading credit rating agency, Crisil, to prepare a report on the index.
Crisil, in its report, submitted to the bourse authorities recently, had suggested a total revamp of the index and a new index as well.
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Although the names have not been finalised as yet, it is learnt that certain DCM and Modi group companies are likely to be moved out of the index, as they have seen little liquidity in their stocks on the bourse.
The Delhi Stock Exchange board which met on Wednesday, has also agreed to hold the annual general meeting on September 28.
Four of the Delhi Stock Exchange board's directors, including the president and the vice-president will step down on September 28 of this year as they have already had two terms as directors on the board.