The July quarterly rebalance takes effect from Monday, September 19, 2022, prior to the start of trading.

If you weren't aware, every quarter S&P Dow Jones Indices updates the constituents that make up the S&P/ASX 200 Index, as well as the other key benchmark indices. 

In this instance, the changes are likely to draw widespread attention among retail shareholders, with a number of former market darlings set to be removed from the all-important benchmark index.

Without further ado, here are the key changes taking effect across the ASX.

Additions to the Major Indices

Despite a difficult trading environment for the real estate sector over recent months as interest rates climbed sharply both home and abroad, typically a headwind for highly geared REITs, Shopping Centres Australasia Property Group (ASX: SCP) enters the S&P/ASX 100.Meanwhile, the list of debutantes making the cut for the ASX 200 is diverse, including another mining stock in $1.1 billion Capricorn Metals (ASX: CMM), which has bucked the trend in a market where gold prices have been underperforming of late.Contractor Johns Lyng Group (ASX: JLG) has also overcome a turbulent time for the building industry, with several builders collapsing this year. The stock finds itself included in the benchmark index, with its Insurance Building and Restoration Services division underpinning a sharp surge in revenue over the last year.Energy player Karoon Energy (ASX: KAR) is a beneficiary of surging energy prices in 2022, even though the price of oil has retreated recently. Nonetheless, with the commodity still trading at elevated prices, and an ongoing global energy crisis in play, the stock finished August near its highest level in more than five years.One company with a growth story that has been making headlines is jewellery retailer Lovisa Holdings (ASX: LOV), which is boosting sales through an aggressive store rollout across the world. It is another name that has been able to shake off sector headwinds, with the stock emerging as a favourite in the consumer discretionary corner of the market.Arguably the highest-profile entrant to the ASX 200, lithium explorer Sayona Mining (ASX: SYA) is a momentum stock that has been in full swing during the September quarter thus far. With a valuation at $2.4 billion, the stock meteoric rise over recent years now sees it at the upper echelon of the ASX.Other stocks officially entering the top 200 include leading social infrastructure REIT, Charter Hall Social Infrastructure REIT (ASX: CQE), salary packaging and fleet management firm Smartgroup Corporation (ASX: SIQ), and telecoms service provider Spark New Zealand (ASX: SPK).At the same time, the S&P/ASX 300 sees health stocks Incannex Healthcare (ASX: IHL) and Neuren Pharmaceuticals (ASX: NEU) join the fold, among others, while uranium players Boss Energy (ASX: BOE) and Deep Yellow (ASX: DYL) also record the same transformational milestone.CodeCompanyAdded toSCPShopping Centres Australasia Property GroupS&P/ASX 100CMMCapricorn MetalsS&P/ASX 200CQECharter Hall Social Infrastructure REITS&P/ASX 200JLGJohns Lyng GroupS&P/ASX 200KARKaroon EnergyS&P/ASX 200LOVLovisa HoldingsS&P/ASX 200SIQSmartgroup CorporationS&P/ASX 200SPKSpark New ZealandS&P/ASX 200SYASayona MiningS&P/ASX 200

Removals from the Major Indices

Headlining the list of key names to leave the major indices, Tabcorp (ASX: TAH) is no longer part of the ASX 100. However, that outcome is due to a reorganisation of the business, with Australia largest gambling company demerging its Lottery and Keno divisions into a separately-listed ASX company, The Lottery Corporation (ASX: TLC).Among former ASX 200 names, Zip Co (ASX: ZIP) is arguably the biggest casualty. The buy-now pay-later firm was at one stage one of the hottest stocks on the market, but its fall from grace has played out for the best part of 18 months with the sector facing increasing scrutiny, criticism, and concerns about rising bed debts as interest rates spike. Turnaround plans have done little to shore up long-term confidence in the stock, which instead has become a day-trading stock.Lithium explorer AVZ Minerals (ASX: AVZ) is no longer part of the ASX 200 or ASX 300 indices. Shares in the company have been suspended from trading since May due to an ongoing ownership dispute in the Manono lithium project between the company and one of its key stakeholders, Jin Cheng Mining. With no liquidity in the stock, its exodus was inevitable.The popular duo of EML Payments (ASX: EML) and Pointsbet (ASX: PBH) have also come unstuck. With growth stocks proving to be one of the biggest victims of an aggressive central bank campaign to hike interest rates, these stocks have lost favour among investors. Regulatory issues for EML have compounded its woes, while it appears some shareholders have begun to doubt Pointsbet path to profitability as its losses mount.Rounding out the stocks that are no longer part of the benchmark ASX 200 index, Life360 (ASX: 360) has been caught up amid sentiment shifting away from tech stocks, challenging retail conditions have dampened enthusiasm for fashion retailer City Chic Collective (ASX: CCX), while the likes of Clinuvel Pharmaceuticals (ASX: CUV) and Janus Henderson (ASX: JHG) have lost out to other names fighting for each coveted spot.CodeCompanyRemoved fromTAHTabcorp S&P/ASX 100360Life360S&P/ASX 200AVZAVZ MineralsS&P/ASX 200CCXCity Chic CollectiveS&P/ASX 200CUVClinuvel PharmaceuticalsS&P/ASX 200EMLEML PaymentsS&P/ASX 200JHGJanus HendersonS&P/ASX 200PBHPointsbetS&P/ASX 200ZIPZip CoS&P/ASX 200