Firstly you want to create a contingency corpus of 10 Lakh and the best fund to build contingency corpus is debt funds which do not carry any risk and it should be available whenever we need it . in order to create a contingency corpus you should start SIP into following Fund.
ICICI Value Discovery is currently going through a lean patch as it taken some contrarian call by betting huge on few stocks. Since you are doing SIP from 2016 and you have build enough corpus in it. It is recommended to stop the SIP and start it in some other funds.
The other two funds are good funds and you should continue your sips into it. For the fresh SIP which you want to start it ABSL tax relief 96 fund and HDFC Small cap funds are good funds and you should start SIP into it.
Regarding the L&T EMerging Business Fund and Mirae Asset Emerging Bluehcip, we should go for Mirae asset emerging as you are already taking a small cap fund i.e HDFC Small cap fund and L&T Emerging Business fund is managed by same fund manager which manages L& T India Prudence Fund. Having two funds managed by same fund manager does not makes sense as any wrong stock selection would impact the performance of both these funds.
Thank you for the valuable advice. As recommended by you i will stop SIP in ICICI Value discovery & shift it to Mirae Asset Emerging Blue chip. I will also setup the Franklin Ultra Short Bond Fund in the next month towards building my corpus.
Thanks & Regards,