Statement-wise analysis:
A. Effective capacitance of a series combination is always smaller than the smallest capacitance.
For capacitors in series:
\[
\frac{1}{C_{\text{eq}}}=\frac{1}{C_1}+\frac{1}{C_2}+\cdots
\]
Hence,
\[
C_{\text{eq}}<\min(C_1,C_2,\dots)
\]
True.
B. No displacement of charges occurs inside a dielectric.
This statement is false.
In a dielectric, bound charges do get displaced slightly due to polarization, even though free charge flow does not occur.
C. Increasing area or decreasing separation increases capacitance.
Capacitance of a parallel plate capacitor:
\[
C=\frac{\varepsilon A}{d}
\]
Thus, increasing plate area \(A\) or decreasing separation \(d\) increases \(C\).
True.
D. Equipotential surfaces for a point charge are concentric spheres.
Electric potential due to a point charge depends only on distance \(r\):
\[
V=\frac{kq}{r}
\]
Hence, all points at the same distance form spherical equipotential surfaces.
True.
Step 2: Collect correct statements
Correct statements are:
\[
\boxed{A,\ C,\ D}
\]
Final Answer:
\[
\boxed{\text{(D) A, C and D Only}}
\]