The Securities and Exchange Board of India (Sebi) is reviewing the current stock categorisation framework followed by actively managed equity mutual funds (MFS) to ensure they are true-to-label.
Individuals familiar with the matter said the universe of large-cap and midcap stocks could be expanded by 25-50 stocks. The move follows concerns raised by industry players that the current threshold has been skewed following a sharp run-up in the domestic markets after the Covid-19 pandemic.
At present, the top 100 stocks by market capitalisation (mcap) are labelled as 'large-cap', and the next 150 falls into the 'midcap' bucket. The rest of the listed stocks fall into the smallcap bucket.
MFS are now in discussions with Sebi to expand the large-cap universe to the top 125 or 150 stocks and the next 200 as midcaps, said people familiar with the matter.
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