June 25 (Reuters) - India's imminent inclusion in the world's most widely followed emerging market bond index, JPMorgan's GBI-EM, is expected to draw a combined $11 billion away from South Africa, Poland and Thailand's local markets, the bank's analysts have estimated.

The Wall Street lender said India's entry, which starts on Friday and will take 10 months to complete, was likely to pull $4.7 billion from South Africa, $3.3 billion from Poland and $3.2 billion from Thailand.

It will also pull $2.9 billion and $2.5 billion from the Czech Republic and Chile respectively, it added.

"For EM-dedicated investors, we view India's index inclusion as a zero-sum game and expect outflows from other EM local bond markets to accommodate," JPMorgan's strategists led by Michael Harrison said in a note.

On a broader level, the Europe, Middle East and Africa (EMEA) area is estimated to see the largest regional hit to index weight.

EMEA EM's aggregate weight is expected to drop to 26.2% by March when India's inclusion is complete compared to around 32% at the start of this month and 40% in 2021, before Russia's 2022 exclusion from the index following its invasion of Ukraine.

International investors have bought more than $10 billion of Indian government bonds in the nine months since India's inclusion was announced in September, taking their ownership to a record high.

"Index-related inflows to date... suggest 32-40% of the expected total of $20-25 billion of index-related inflows to India have already played out," Harrison added.

Bond indexes like JPMorgan's are influential because investment funds and other types of money managers use them as performance benchmarks which effectively informs what they tend to buy and sell.

In contrast to South Africa and the others, China, Indonesia and Mexico are not expected to see any reductions in their 10% GBI-EM index weights - the maximum one country can have, and the level India will have reached by March.

Latin America is expected to see a modest decrease, while EM Asia's index weightage is estimated to increase, JPMorgan added.

(Reporting by Siddarth S and Johann M Cherian in Bengaluru and Marc Jones in London; Editing by Jan Harvey)