The best thing to come out of the exercise that the capital market regulator undertook in 2018 to re-categorise mutual funds was standardisation. The definition of large-cap, mid-cap and small-cap funds was standardised so that all equity funds could follow the same definition.
Advances in the equity markets have led to an increase in the market capitalisation of each of these groups of stocks. But the number of these stocks in each of these baskets has remained the same.
