FTSE Russell said it would continue to keep South Korea on its watch list for its global bond index and India for its emerging market bond index, prolonging the wait for both countries to be included in key market indicators.
The FTSE Russell statement said South Korean authorities are taking steps to improve the structure and accessibility of their capital markets, which will require changes to local laws and regulations and may not be completed until 2024.
In India, FTSE Russell will continue to monitor feedback on improvements in its market structure.
The Indian government appears to have cooled on the idea of inclusion amid turmoil in global markets.
The Minister of Economic Affairs of India previously said that considering the global situation, India should not consider inclusion at the current critical moment.