AMFI large, mid and small cap classification
The AMFI large mid small cap classification is the single list that decides which Indian listed companies count as large cap, mid cap or small cap for mutual fund purposes. It is a pure ranking: ranks 1 to 100 are large cap, 101 to 250 are mid cap, and 251 onwards are small cap, measured on full market capitalisation. AMFI publishes the AMFI large mid small cap classification twice a year, and schemes with band-linked mandates have to follow it. This page explains how the list is built and what moves when it changes. It is not investment advice.
Definition
The AMFI large mid small cap classification
is a half-yearly list ranking Indian listed companies by full market capitalisation, where ranks 1 to 100 are large cap, 101 to 250 are mid cap and 251 onwards are small cap. It fixes the investment universe for equity mutual fund categories. Source: SEBI circular dated 6 October 2017, AMFI.
How is the AMFI large mid small cap classification built?
SEBI defined the three bands in its circular dated 6 October 2017, numbered SEBI/HO/IMD/DF3/CIR/P/2017/114, so that every equity scheme works off one investment universe rather than each fund house drawing its own line. AMFI prepares the list in consultation with SEBI and the stock exchanges, using data from the BSE, the NSE and the MSEI.
The mechanics:
| Element | How it works |
|---|---|
| Basis | Average full market capitalisation over the preceding six months |
| Ranking | A single consolidated list across exchanges, not one list per exchange |
| Large cap | Ranks 1 to 100 |
| Mid cap | Ranks 101 to 250 |
| Small cap | Rank 251 onwards |
| Publication | Twice a year, around end June and end December |
| Applies for | The following six months |
1 to 100, 101 to 250, 251 onwards
AMFI rank bands for large cap, mid cap and small cap on full market capitalisation
Source: SEBI circular dated 6 October 2017, AMFI
Full market cap, not free float
The ranking uses full market capitalisation, which counts every outstanding share including promoter holdings. Index weights are a different calculation: the Nifty 50 and the Sensex weight constituents on free float, the portion available to trade. So a company with a very high promoter stake can rank higher on AMFI's list than its index weight suggests. For that distinction see what is free float, and for where promoter holding is disclosed each quarter, how to read a shareholding pattern.
What happens when a stock moves band
This is the part with observable consequences. Category minimums are tied to the band, so a scheme cannot ignore a reclassification. A large cap fund has to hold at least the mandated share of its assets in large cap stocks, and mid and small cap funds have their own floors, all set by the categorisation framework rather than by the fund. When a stock crosses from rank 101 to rank 100, or falls the other way, schemes on both sides of the line may have to adjust. SEBI's framework allows one month to realign portfolios to a new list.
Two things worth keeping straight. First, the list is a ranking, so a stock can change band without its own market capitalisation changing much, simply because other companies moved around it. Second, the band is an input to a mandate, not a quality label: the classification says where a company sits by size, and nothing else.
Where the bands feed into scheme rules is covered in mutual fund scheme categorisation, which SEBI reset by circular dated 26 February 2026. To see which schemes actually hold a given stock, the monthly portfolio disclosures are the source: how to find which mutual funds are buying a stock.
Reading the classification carefully
The AMFI large mid small cap classification is dated by construction. Any list you are looking at was built on the previous six months of data and is replaced roughly every six months, so a screenshot of band membership goes stale on a known schedule. Check which effective period your copy belongs to before drawing a conclusion from it, and pull the current file from AMFI rather than a secondary summary. Flock reports public filings with every claim sourced and dated. What any of it means for your money is your call to make.
Frequently asked questions
How does AMFI classify large, mid and small cap stocks?
By rank on full market capitalisation across listed companies. Ranks 1 to 100 are large cap, 101 to 250 are mid cap, and 251 onwards are small cap. AMFI prepares the list in consultation with SEBI and the stock exchanges. Source: SEBI circular dated 6 October 2017, AMFI.
How often is the AMFI market cap list updated?
Twice a year. A fresh list is published around the end of June and the end of December, and each one applies for the following six months. The ranking uses average full market capitalisation over the preceding six months. Source: AMFI.
Does AMFI use full market cap or free float?
Full market capitalisation, which counts all outstanding shares including promoter holdings. That differs from the free-float method used to weight indices such as the Nifty 50 and the Sensex. Source: SEBI circular dated 6 October 2017, AMFI.
What happens when a stock changes category?
Schemes whose mandate is tied to a band may have to realign, because a large cap fund must hold a minimum share in large cap stocks. SEBI's framework allows one month to realign portfolios to a new list. Source: SEBI, AMFI.
Flock tracks these filings, sourced, dated, and linked back to the original. See what smart-money entities disclosed, without the guesswork about what it means.
Disclosures shown are public regulatory filings. Data may be delayed or incomplete. Smart-money entities may no longer hold positions shown. Not investment advice.