Motilal Oswal Mutual Fund is discontinuing subscriptions for its Nifty Microcap 250 Index Fund starting January 8 due to SEBI's lack of a defined microcap category. This affects new lump sum purchases, switch-ins, and new SIP/STP registrations. Existing SIPs and STPs will be paused, and any subscriptions received after the cut-off will be refunded. The fund, launched in July 2023, had an AUM of Rs 2,625 crore as of December 31, 2025.