I believe this is incorrect. S&P Dow Jones (e.g. ASX 300), MSCI...

I believe this is incorrect. S&P Dow Jones (e.g. ASX 300), MSCI and most index providers use free-float methodology in the calculation of market capitalization. For the ASX 300, see here: "The index is liquid and float-adjusted, and it measures up to 300 of Australia’s largest securities by float-adjusted market capitalization."

From the S&P Dow Jones Index Methodology: "float adjustment excludes shares that are held by other publicly traded companies, government agencies, or certain types of strategic shareholders." and "Long-term strategic shareholders generally include, but are not limited to:1. Officers and Directors (O+D) and related individuals whose holdings are publicly disclosed".