Indian small-cap mutual funds led the three market-size categories in September inflows, while Samco Group CEO Jimeet Modi proposed a five-way risk-capital mix in an interview published Thursday, Oct. 22, by The Economic Times.
The Association of Mutual Funds in India (AMFI) recorded ₹9,039 crore in September 2026 net inflows for small-cap funds, compared with ₹7,835 crore for mid-cap funds and ₹859 crore for large-cap funds. Net inflows across equity mutual funds totaled ₹38,307 crore.
NSE Indices’ Sept. 30, 2026, dashboard listed the Nifty Smallcap 250 at 34.45 times earnings. The Nifty Midcap 150 was at 28.40, while the Nifty 100 was at 19.14, according to NSE Indices. India’s Securities and Exchange Board of India (SEBI) classifies the top 100 companies by full market capitalization as large-cap, those ranked 101 through 250 as mid-cap, and those ranked 251 onward as small-cap.
In the interview, Modi divided risk capital into five equal portions: Indian large-cap, mid-cap and small-cap stocks, gold and global equities. He said investors could first place money needed for liquidity in debt investments, and described the allocation as an example for a moderate investor rather than a fit for everyone. He cited limited growth drivers among large companies and high prices in parts of the mid-cap and small-cap markets as concerns.
Modi expects Indian shares to trade mostly sideways for 10 to 12 months. “It is a sideways market,” he told The Economic Times; the forecast is his outlook, not a measured market result.
Gold is another part of the proposed mix. The World Gold Council reported net purchases of 288.9 metric tons by central banks and other official institutions in the second quarter of 2026. Its first-half estimate was 345 metric tons, the lowest for that period since 2022. The council said geopolitical uncertainty, softer gold prices and reserve diversification may have supported second-quarter buying; Poland was the quarter’s largest buyer, while Russia was the only sizeable seller.
