There are 3 parts to understand this:
You invest in a smallcase by using funds in your Axis Direct trading account. You can either start an SIP or do a lump-sum investment. All invested smallcase constituents will be added to your Demat account.
You can track your invested smallcase's performance, dividends and evaluate your portfolio under "Investments". You can see details of every stock so you know where your money is at all times.
You have complete control on your investment. You can add, edit or remove any stock from your smallcase anytime. You can also see & review rebalance updates, edit your SIP etc., from your "Investments".
💡 Good to know: There are no lock-in periods in smallcases. Like stocks, you can sell them whenever you want. We only support stocks/ETFs listed on NSE.