The rule that prevents misleading counts
Large-cap changes are measured across rank 100. Mid-cap changes are measured only across rank 250, so companies moving between large and mid cap are not repeated. Small-cap changes are measured only across rank 500, so moves between mid and small cap are excluded.
This answers the useful portfolio question: which companies entered or left the eligible band through its lower cutoff?
Large cap: crossed rank 100
An inclusion moved into ranks 1–100; an exclusion moved below rank 100 or left the reconciled list.
Inclusions · 9
Vedanta Aluminium Metal
New / not ranked → #47
BSE
#105 → #74
Vodafone Idea
#116 → #83
Hitachi Energy India
#131 → #85
Jindal Steel
#102 → #87
Indian Bank
#107 → #89
Indus Towers
#108 → #92
Billionbrains Garage Ventures (Groww)
#114 → #95
BHEL
#130 → #98
Exclusions · 9
Bosch
#87 → #101
Siemens Energy India
#84 → #102
Hero MotoCorp
#99 → #103
Dr. Reddy’s Laboratories
#100 → #104
LG Electronics India
#93 → #108
Max Healthcare
#83 → #111
Mazagon Dock Shipbuilders
#86 → #112
Indian Hotels
#98 → #115
Lodha Developers
#79 → #118
Mid cap: crossed rank 250
Only entries from below rank 250 (or new listings) and exits below rank 250 are counted. Moves to or from large cap are intentionally excluded.
Inclusions · 9
Hindustan Copper
#274 → #194
Knowledge Realty Trust
New / not ranked → #195
Embassy Office Parks REIT
New / not ranked → #220
NLC India
#253 → #223
AIA Engineering
#265 → #233
Ajanta Pharma
#263 → #236
Bagmane Prime Office REIT
New / not ranked → #242
Aster DM Healthcare
#259 → #244
Sona BLW Precision Forgings
#280 → #248
Exclusions · 10
Tata Investment Corporation
#239 → #252
Hexaware Technologies
#211 → #254
KPR Mill
#243 → #257
Jubilant Foodworks
#226 → #258
CRISIL
#242 → #259
Global Health (Medanta)
#250 → #262
PhysicsWallah
#235 → #263
Cholamandalam Financial Holdings
#244 → #264
SJVN
#249 → #272
Kaynes Technology
#227 → #310
Small cap: crossed rank 500
Only entries from below rank 500 (or new listings) and exits below rank 500 are counted. Moves to or from mid cap are intentionally excluded.
Inclusions · 33
Mindspace Business Parks REIT
New / not ranked → #265
Brookfield India REIT
New / not ranked → #296
Nexus Select Trust
New / not ranked → #314
Prime Focus
#668 → #338
Bharat Coking Coal
New / not ranked → #390
Vedanta Power
New / not ranked → #399
HFCL
#537 → #400
Avanti Feeds
#567 → #407
Fractal Analytics
New / not ranked → #414
Central Mine Planning & Design Institute
New / not ranked → #418
TD Power Systems
#581 → #419
MTAR Technologies
#737 → #423
Rubicon Research
#538 → #429
Chennai Petroleum
#506 → #432
Sammaan Capital
#501 → #436
Sansera Engineering
#596 → #440
Aether Industries
#545 → #443
Shriram Pistons & Rings
#514 → #449
Cupid
#706 → #450
Sterlite Technologies
#759 → #460
Jammu & Kashmir Bank
#517 → #461
JSW Dulux
New / not ranked → #464
Canara HSBC Life Insurance
#509 → #465
RRP Semiconductor
#566 → #469
Vedanta Oil and Gas
New / not ranked → #473
Graphite India
#531 → #474
JK Tyre & Industries
#532 → #488
Clean Max Enviro Energy Solutions
New / not ranked → #489
India Cements
#503 → #490
Shipping Corporation of India
#541 → #493
Thangamayil Jewellery
#661 → #495
Ingersoll-Rand India
#502 → #498
INOX India
#536 → #499
Exclusions · 37
ICICI Securities
#278 → New / not ranked
Elitecon International
#286 → #621
Piramal Enterprises
#298 → New / not ranked
Reliance Power
#370 → #520
Vedant Fashions
#399 → #540
Whirlpool of India
#422 → #529
Afcons Infrastructure
#425 → #508
Akzo Nobel India
#426 → New / not ranked
Intellect Design Arena
#446 → #544
Bata India
#449 → #570
Nuvoco Vistas
#450 → #513
Swan Corp
#451 → #517
BLS International Services
#453 → #518
PCBL Chemical
#461 → #519
Jupiter Wagons
#462 → #501
Indian Energy Exchange
#466 → #516
Godrej Agrovet
#467 → #524
Bombay Burmah Trading
#468 → #521
Cyient
#469 → #538
Indegene
#470 → #506
Aavas Financiers
#471 → #537
Cello World
#474 → #573
Jaiprakash Power Ventures
#475 → #512
Transformers & Rectifiers India
#476 → #586
Newgen Software Technologies
#477 → #655
Home First Finance
#480 → #514
Gravita India
#481 → #507
Mahanagar Gas
#482 → #530
Lemon Tree Hotels
#485 → #577
NCC
#487 → #575
Action Construction Equipment
#489 → #539
SKF India (Industrial)
#490 → #509
Embassy Developments
#491 → #623
Elecon Engineering
#492 → #552
Inox Wind Energy
#494 → New / not ranked
RITES
#498 → #554
Finolex Industries
#500 → #526
What this can mean for an Ex-Top-100 SIF
A company moving out of the top 100 can enter the broad opportunity set of an Ex-Top-100 mandate, while a company moving into the top 100 can cease to qualify—depending on the exact ISID language and the dates used by the fund.
The rank-250 and rank-500 crossings provide a second layer of context. They show whether the opportunity set is shifting toward more liquid mid caps or deeper into the small- and micro-cap tail, where capacity, execution costs and stock-specific risk can be materially different.
Reclassification alone is not a trade. Investors should compare actual holdings and mandate rules using the SIF comparison tool and review the SIF liquidity guide.
Frequently asked questions
How are inclusions and exclusions counted in this analysis?
Each category is tested only at its lower boundary: rank 100 for large cap, 250 for mid cap and 500 for the top-500 small-cap slice. Moves into a higher category are not double-counted as exclusions from the lower category.
How many companies crossed each cutoff?
Nine entered and nine left large cap; nine entered and ten left mid cap at rank 250; 33 entered and 37 left the top-500 small-cap slice at rank 500.
Is a reclassification a buy or sell signal?
No. It changes classification and may influence eligible universes or flows, but investors must still assess valuation, liquidity, risk, portfolio fit and the manager’s process.