Please make sure you refresh the redistributables page using refresh button or close and reopen installshield.
If you tried refresh and close and reopening of IDE, please check in tools, options merge module path is set to same location as where you have copied the files.
If everything is set properly, then verify the name of msm file you have created is correct and you are checking the same name .
for an example, if you create a msm in installshield, the default name is "Blank Merge Module Project Template" you can find your msm in redistributable with this name only not with your merge module ism name.
However you can change it by changing the subject field as per ism name or your own name.
Refer screenshot.
