We test the market as it was, not as it looks today.
Companies disappear all the time. They get bought, they merge, or they go under. A test built from only the companies that still exist today has quietly kept the survivors and dropped the rest.
why this matters ↻Keeping only the survivors flatters the result.
The companies that vanished were real investments at the time. Leaving them out makes the past look safer and richer than it really was. Krest includes every company that was trading on each date, even the ones that no longer exist.
survivorship-bias-free registry of NSE and BSE equities, including long-delisted names · 5,000+ companies, 1,000+ no longer trading, all retained · a name delisted on one exchange is still followed on the other · point-in-time universe rebuilt for each date · every name eligible only on the days it actually traded