Is my current mutual fund portfolio okay?

I invest Rs 30,000 every month in mutual funds. I was 25 years old when I started it and it has been two years now. I wish to have good returns. Please let me know if my portfolio is fine.
1. UTI Equity Fund (G): Rs 5,000
2. UTI Mid Cap Fund: Rs 5,000
3. Axis Mid Cap Fund: Rs 5,000
4. Birla Sun Life Small and Midcap Fund: Rs 5,000

5. Birla Sun Life Equity Fund: Rs 2,500 (3 months)
6. ICICI Prudential Multicap Fund: Rs 2,500 (3 months)
7. SBI Magnum Multicap Fund, Regular (G): Rs 2,500 (3 months)
8. ICICI Prudential Banking & Financial Services Fund (G): Rs 2,500 (3 months)
9. UTI MNC Fund: Rs 1,20,000 (12 months, now SIP is shifted to another fund)
10. IDBI Diversified Equity Fund (G): 1,90,000 (19 months, now SIP is shifted to another fund)
Current SIPs are in eight schemes. Please suggest if my current portfolio is okay.
--Rohit Marwaha

Gaurav Monga, a Certified Financial Planner (CFP), responds:

You currently have SIPs in eight equity schemes. An ideal portfolio should have only four to five schemes. Over diversification negatively impacts the performance of the portfolio.

Here are a few recommendations:
Stop SIP in UTI Equity Fund and Axis Mid Cap Fund. Allocate the money in BSL Equity Fund and ICICI Prudential Multicap Fund. You will have SIPs in six schemes after this exercise. It will also push up your allocation to multicap funds.

(If you have any mutual fund queries, message on ET Mutual Funds on Facebook. We will get it answered by our panel of experts.)