9.5How does SEBI classify companies in India?
Time-sensitive: Classification uses AMFI’s list published in July 2026 (effective 1 August 2026), based on average market cap from January to June 2026. AMFI publishes a new list every January and July. Rules and rates change, so check the official source before acting.
1What is it?
SEBI’s rule (from 2017) ranks companies by average full market cap over six months. AMFI publishes the list twice a year, in January and July.
2Why does it exist?
A uniform list stops fund houses from defining "large cap" however they like. Every large-cap fund must invest at least 80% in the same top 100.
3Stock market example
Average market cap is computed across BSE, NSE and MSEI. Companies move between categories when their rank changes: in the July 2026 list, for example, BSE Ltd and Indus Towers moved up to large cap.
4Diagram
| Category | Rank | Approx. cut-off (July 2026 list) |
|---|---|---|
| Large cap | 1–100 | ≥ ₹1,06,346 crore |
| Mid cap | 101–250 | ₹33,664 – ₹1,06,346 crore |
| Small cap | 251 onwards | < ₹33,664 crore |
5Quick revision
- Ranks by 6-month average market cap.
- AMFI list every January and July.
- Cut-offs move with the market.
6Knowledge check
Q1. Who publishes the list?Show answer
AMFI (Association of Mutual Funds in India).
Q2. How often?Show answer
Twice a year, in January and July.
Q3. Are cut-offs fixed rupee amounts?Show answer
No, they depend on rankings and change each list.