As per NSE the index would be reviewed by last trading day of Dec,Mar,Jun and Sep of each year. one can updated stocks from nse time to time. based on that one can re balance the portfolio. (Need not to worry about weightage equal amount allocation to each stock is enough)
Any no voice investor can copy cat the index via simple buy and hold. if one understands the methods to pick stocks then no need to rely on this index (NSE has shared this also)
This index can also useful for traders whether they can be swing,positional or intraday trader. They can measure their performance keeping benchmark of this system