West Indies batter Devon Thomas has been banned by the International Cricket Council for five years for match-fixing.
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Babar Azam to lead 18-man squad which also includes injured wicketkeepers Azam Khan and Mohammad Rizwan.
Smith to miss his first World Cup since 2012, while uncapped batter Jake Fraser-McGurk is also overlooked by selectors.
Pant returns to the side more than a year after his near-fatal car crash as India name Rohit Sharma-led 15-man squad.