The Securities and Exchange Board of India (SEBI) instructed funds to disclose these stress test results by the end of the day on Friday, prompted by concerns over the build-up of froth in small- and mid-cap funds.

Six mutual funds either published their respective results on their websites or sent them to investors late on Thursday.

SEBI specifically wants funds to disclose the time it would take to liquidate 50% and 25% of their small and mid-cap portfolios.

If an equity fund takes longer than the usual two to three days to return investors' money, it could suggest stress in the fund's portfolio.

Aditya Birla Mutual Fund said it would require five days to liquidate a quarter of its small-cap funds and two days for its mid-cap portfolio.

For Edelweiss Mutual Fund, the time taken for similar liquidation was two days for small-cap funds and one day for mid-cap funds.

Quant Mutual Fund said it will take 11 days to liquidate a quarter of its small-cap portfolio and three days for its mid-cap portfolio.

India has 27 small-cap funds and 24 mid-cap funds, managing 2.4 trillion rupees ($28.93 billion) and 2.1 trillion rupees respectively.

Funds must allocate a minimum of 65% of their assets to small-caps to be classified as small-cap funds, with the remaining 35% potentially in cash or large-cap stocks. The same rule applies to mid-cap funds.

($1 = 82.9590 Indian rupees)

(Reporting by Jayshree P Upadhyay;Editing by Dhanya Ann Thoppil)

By Jayshree P Upadhyay