Midcap
Market basicsCompanies ranked 101 to 250 by market capitalisation under SEBI’s classification.
In plain terms
Proven businesses still scaling. Meaningfully more volatile than largecaps.
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Glossary
Every term is defined twice: once the way a filing would put it, and once the way somebody would explain it to you across a table. The second one is usually the one that sticks.
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Fund categories
Market basicsThe scheme categories SEBI mandates, each specifying what a fund must hold — largecap, midcap, smallcap, flexicap, multicap, ELSS, hybrid and index among them.
In plain terms
The label is a legal constraint on holdings, not marketing, which is what makes thousands of schemes comparable. It also fixes the only valid comparison: same category, against the fund's own declared benchmark.
Multicap
Market basicsA SEBI fund category required to hold at least 25% each in largecap, midcap and smallcap stocks.
In plain terms
Forced diversification across sizes. The manager is legally unable to retreat into largecaps during a smallcap crash — which is the whole difference from a flexicap.
Market wide position limit
DerivativesAlso called: MWPL
A cap set by the exchange on the aggregate derivatives open interest permitted in a single stock, expressed as a number of shares.
In plain terms
It stops the derivatives tail growing large enough to wag the cash market. The basis on which it is computed has been revised, so read the current circular for the formula — what has not changed is that the names reaching the ceiling are overwhelmingly midcaps with concentrated promoter holdings and thin deliverable float.