How-to benchmark MF disclosure

How to understand mutual fund Tier 1 and Tier 2 benchmarks

From WebNotes, a public knowledge base. Last updated . Reading time ~3 min.

Tier 1 / Tier 2 benchmark framework (SEBI 2021) standardised MF benchmarking. Comparison fairness improved significantly post-implementation.

Conflict-of-interest disclosure. This guide is published by WebNotes Editorial Team for informational purposes. WebNotes has no commercial relationship with any AMC or platform. No affiliate commission is earned.

Step-by-step procedure

See the procedure infobox above for the five steps.

Category-wise Tier 1 benchmarks

CategoryTier 1
Large-capNifty 100 TRI / S&P BSE 100 TRI
Flexi-capNifty 500 TRI
Multi-capNifty 500 Multicap 50:25:25 TRI
Mid-capNifty Midcap 150 TRI
Small-capNifty Smallcap 250 TRI
Large & MidNifty Large Midcap 250 TRI
ELSSNifty 500 TRI
LiquidCRISIL Liquid Index
Short DurationCRISIL Short Duration
Aggressive HybridCRISIL Hybrid 35+65 - Aggressive
Balanced AdvantageCRISIL Hybrid 50+50 - Moderate

See also

External references

References

  1. SEBI Circular on Two-Tiered Benchmark Structure for MF Schemes, 27 October 2021.
  2. SEBI Master Circular for Mutual Funds.
  3. AMFI Best Practice Guidelines.

Related articles

Reviewed and published by

WebNotes Editorial Team

The WebNotes Editorial Team covers Indian capital markets, payments infrastructure and retail investor procedures. Every article is fact-checked against primary sources, principally SEBI circulars and master directions, NPCI specifications and the official support documentation published by the intermediary in question. Drafts go through a second-pair-of-eyes review and a separate compliance read before publication, and revisions are tracked against the SEBI and NPCI rule changes referenced in the methodology section.

Last reviewed
Conflicts of interest
WebNotes is independent. No relationship with any broker, registrar or bank named in this article.