Direct Answer
The Nifty Microcap 250 is a rule-based measurement of Indian microcap equity benchmark, maintained by NSE Indices / Asia Index. Like every index it owns nothing: it is a number produced by applying a published weighting formula to a selected list of companies, revised on a schedule the provider sets.
What this index covers
The Nifty Microcap 250 covers Indian microcap equity benchmark, within the India market. NSE Indices / Asia Index defines which securities are eligible, how they are selected from that pool, and how much each one contributes to the published number.
The name states a target of 250 companies. A target is not a guarantee of the exact count on any given day: corporate actions, dual share classes and pending additions all move the real number around it.
How constituents are weighted
Free float market capitalization weighted with no single-stock cap. The target is 250 stocks but the index can hold fewer if too few stocks pass the filters.
The weighting method is the single biggest driver of how an index behaves. Two indexes covering the same market can diverge for years purely because they weight differently, which is why comparing index levels without knowing the method tells you very little.
What qualifies for inclusion
The top 250 companies beyond the Nifty 500 by average full market cap. They need impact cost of 1% or less, a top 1000 rank on both turnover and full market cap, trading on 90% of days over six months and an investible weight factor of at least 0.10 (or a free float size test). REITs are eligible.
Eligibility rules are the part of an index most readers never look at and the part that decides what it can possibly measure. A screen that excludes a whole sector, or admits only one listing venue, shapes the result far more than any day of trading does.
How long a listing must exist first
No fixed listing history is stated; six months of data apply, and a newly listed security is checked on one month of data instead.
A seasoning rule is why a large new listing does not appear in an index the week it starts trading. It is a deliberate lag, and it means an index can under-represent a fast-growing part of the market for months at a time.
When the membership is revised
Rebalanced semi-annually, effective from the last trading day of March and September, using six month average data ending January and July. A stock outside the Nifty 500 is compulsorily included if ranked in the top 675 on full market cap or at least 1.5 times the smallest member.
Reconstitution is the one date an index changes shape by design rather than by price. Funds tracking it have to trade toward the new membership, which is why the schedule matters to anyone holding the tracker rather than only to the provider.
The rule that surprises people
If fewer than 250 stocks pass the impact cost filter, the turnover and market cap rank window widens in steps (1100, 1200 and so on), and if still short the index runs with fewer than 250 constituents.
References
- NSE Indices / Asia Index: NSE Indices Limited, Methodology Document for Equity Indices (September 2026), as published 2026. Every rule described on this page is taken from this document.
Current Nifty Microcap 250 constituents
NSE Indices / Asia Index publishes and licenses the Nifty Microcap 250 constituent list. Swoopr does not republish it here. The provider's own page is the authoritative source for current membership and weights.
Related reading
- All stock market indexes: how indexes are built, weighted and revised.
- Emerging Markets indexes: others covering the same region.
- Index concentration: measuring how much of an index sits in its largest holdings.
- Index rebalancing and inclusion effects: what happens to a stock when index membership changes.
Frequently Asked Questions
Who maintains the Nifty Microcap 250?
NSE Indices / Asia Index maintains the Nifty Microcap 250 and publishes the methodology document that defines its eligibility and weighting rules.
What does the Nifty Microcap 250 measure?
It measures Indian microcap equity benchmark. The index is a calculated number applying a weighting formula to a selected list of companies, and it holds nothing itself.
Where can I see the current Nifty Microcap 250 constituents?
NSE Indices / Asia Index publishes the current constituent list. Swoopr does not republish it, because index providers license constituent data and Swoopr holds no such licence.