Synopsis Axis Mutual fund has renamed its multicap scheme as the Axis Flexicap Fund. This comes after Sebi put a strict mandate for multi cap funds to allocate at least 25% each in small and mid cap stocks. ThinkStock Photos Axis Mutual fund has renamed its multicap scheme as the Axis Flexicap Fund. This comes after the Securities and Exchange Board of India put a strict mandate for multi cap funds to allocate at least 25% each in small and mid cap stocks. Later, in its circular dated November 6, 2020, Sebi had introduced a new category of equity oriented schemes - flexi cap funds.