Should I reduce allocation to UTI Index Fund?

I have been investing Rs 2,000 in Axis Bluechip Fund and Rs 7,000 in UTI Nifty Index Fund via SIP for 15 years. Is my allocation ok? Should I increase allocation to Axis Bluechip Fund and reduce allocation to UTI Index Fund? Need your opinion.
--Yuvaraj Jayaraman

Harshad Chetanwala, Co-Founder, MyWealthGrowth, a mutual fund advisory firm, based out of Mumbai, responds:

Ideally you should diversify your investment across 5 – 6 funds to limit exposure towards any particular fund. The kind of equity funds that you can invest depends on your risk profile. Since you are investing only in large cap funds, I presume you have a moderate risk appetite.

Both the funds you are investing in are good and you can diversify in other funds right now by reducing the SIP amount of UTI Nifty Index Fund to Rs 3,000 and add two SIPs of Rs 2,000 each in large & mid cap or flexi cap to accompany as your horizon of investment is 15 years. This will help you to invest in large, mid and few small cap companies through these four funds. In future, whenever you get additional investible surplus you can add SIPs in one or two other funds apart from above. mentioned funds to diversify across 5 to 6 funds.