Should I make changes to my mutual fund portfolio?

I have been investing in mutual funds via SIPs for almost two years and seven months. I started with Rs 5,000. After one year, I increased it to Rs 7,000 and for the last six months I am investing Rs 20,000 per month.

I am taking help from an investment advisory firm and they have made a very diverse portfolio for me:
1. DSP BlackRock Small Cap Fund (G)
2. Kotak Emerging Equity Scheme (G)
3. Kotak Select Focus Fund (G)
4. L&T India Value Fund (G)
5. Mirae Asset Emerging Bluechip Fund (G)
6. Motilal Oswal Multicap 35 Fund (G)
7. Reliance Small Cap Fund (G)
8. Reliance Top 200 Fund (G)
9. SBI Magnum Midcap Fund (G)

I can take moderate risk as I do not have to pay any loans or EMIs at this point of time and my current lifestyle allows me to invest this amount. I want to invest for my future needs. Can you please suggest if my portfolio is right?
-- Ishit Mathur

Gaurav Monga, a certified financial planner, responds:

The ideal number of equity schemes in a portfolio should be limited to four or five. Your portfolio is scattered with nine equity schemes, out of which five schemes are of mid and small cap category. There is a need to bring down the number of schemes and focus should be on adding different categories which should add value to the portfolio. The monthly investment of Rs 20,000 can be done in the following schemes:
1. Motilal Oswal Multicap 35 Fund (mutlicap): Rs 5,000
2. Kotak Select Focus Fund (multicap): Rs 5,000

3. Mirae Asset Emerging Bluechip Fund (large & midcap): Rs 5,000
4. ICICI Prudential Balanced Advantage Fund (hybrid)- Rs 5,000