Exclusive is a price, not a promise.
01
The minimum is a rule about you, not a scorecard about the strategy. SEBI sets the door by investor wealth so the risk sits with people it assumes can hold it. The strategy behind the door was never graded to earn its ticket size.
02
A bigger ticket buys structure, not odds. Own name holdings and harder concentration are real. Better returns are not part of the package. Over the ten years to December 2025, 76 of 100 active large cap funds trailed a plain index. The base rate did not ask anyone their ticket size.
03
Judge the rule, not the door. Universe, weight method, rebalance cadence. A written process reads the same at Rs 500 and at Rs 50 lakh. If the pitch leads with the minimum, the minimum is the pitch.
The door decides who gets in. It has never once decided what the strategy earns on the other side.