Mansi Kariya

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Mansi Kariya is a Co-Fund Manager (Debt) at PPFAS Asset Management Private Limited, the asset management company of PPFAS Mutual Fund. She is a named co-fund manager of the Parag Parikh Liquid Fund (the AMC’s liquid mutual fund) and the Parag Parikh Dynamic Asset Allocation Fund (PPDAAF), and is part of the debt-team that supports the fixed-income allocation across the AMC’s broader scheme menu.

Kariya joined PPFAS in 2018 as a Debt Dealer, predating the 9 May 2018 launch of the Parag Parikh Liquid Fund and the 4 July 2019 launch of the Parag Parikh ELSS Tax Saver Fund. Her career progression at PPFAS has taken her from Debt Dealer through Credit Research Analyst to Co-Fund Manager (Debt), reflecting the AMC’s structural preference for internal training and progression rather than external lateral hires for senior fund-management designations.

Kariya’s role within PPFAS is structurally important for several reasons:

  • Internal-promotion debt-fund manager: Her progression from Debt Dealer to Co-Fund Manager (Debt) within approximately seven years is a notable internal-promotion case in an industry where lateral hires from larger AMCs dominate senior debt-fund-management roles.
  • Liquid Fund co-manager: Kariya is named on the fund-management roster of the Parag Parikh Liquid Fund alongside Tejas Soman and Aishwarya Dhar, the AMC’s senior debt-team specialists.
  • Dynamic Asset Allocation Fund co-fund manager: Kariya was named on the launch fund-management roster of PPDAAF (launched 22 February 2024), the AMC’s balanced-advantage / dynamic asset allocation scheme.
  • Credit research expertise: Her Credit Research Analyst stint provides specific underwriting depth for the high-quality short-duration credit instruments held across PPFAS’s debt allocations.
  • CFA Charterholder: Kariya holds the Chartered Financial Analyst designation, providing explicit investment-management training in fixed income, derivatives and portfolio construction.

This article is the principal biographical reference on Mansi Kariya in the context of PPFAS and the Indian mutual fund industry. Related references include PPFAS Mutual Fund, Parag Parikh Flexi Cap Fund, Parag Parikh, Rajeev Thakkar, Raunak Onkar and Neil Parikh.

Education and qualifications

Mansi Kariya holds the following educational and professional qualifications, as disclosed on the PPFAS AMC fund-manager profiles page and in scheme information documents:

  • Bachelor of Commerce (Hons) (B.Com Hons): University of Calcutta. The B.Com Honours programme at the University of Calcutta is a three-year undergraduate honours degree with a major specialisation in accounting and finance or business administration, considered one of the more rigorous undergraduate commerce qualifications in eastern India.
  • Master of Science (MS) in Finance: Institute of Chartered Financial Analysts of India (ICFAI) University. The MS Finance programme provides postgraduate training in corporate finance, financial markets, derivatives, fixed income, equity analysis and portfolio management.
  • CFA Charterholder: Chartered Financial Analyst designation conferred by the CFA Institute (USA), requiring passing of three sequential examinations (Levels I, II and III) covering ethics, quantitative methods, economics, financial reporting and analysis, corporate finance, equity, fixed income, derivatives, alternative investments, and portfolio management.

The combination of the B.Com (Hons) from Calcutta University, the MS Finance from ICFAI University, and the CFA Charterholder credential provides a strongly finance-specialised educational profile aligned with the technical depth required for fixed-income fund management.

Career timeline

Pre-PPFAS career: Foundational debt and credit experience

Prior to joining PPFAS, Kariya gained foundational experience in fixed-income and credit-related roles in the broader Indian financial-services ecosystem. The pre-PPFAS period provided the operational grounding in debt-market mechanics, settlement and credit analysis that supported her later progression at the AMC.

2018: Joining PPFAS as a Debt Dealer

In 2018, Mansi Kariya joined PPFAS Asset Management Private Limited as a Debt Dealer. The role of Debt Dealer in an Indian mutual fund AMC typically involves:

  • Execution of debt-market trades: Outright purchase and sale of government securities, Treasury Bills, commercial paper, certificates of deposit, public-sector undertaking (PSU) bonds and corporate bonds.
  • Money-market operations: Tri-Party Repo (TREPS), Collateralised Borrowing and Lending Obligation (CBLO, historical), Liquidity Adjustment Facility (LAF) operations and repo / reverse repo placements.
  • Settlement and operations coordination: Liaison with the custodian (Deutsche Bank AG Mumbai branch for PPFAS), the registrar and transfer agent CAMS, and Clearing Corporation of India Limited (CCIL) for settlement of debt trades.
  • Market-intelligence inputs to portfolio managers: Day-to-day trader-level inputs on liquidity, primary-issuance pipeline, secondary-market levels and credit-spread movements feeding into portfolio-management decisions.

Joining as a Debt Dealer in 2018 placed Kariya at the AMC at a structurally important moment: less than a year before her joining, the AMC was reclassified under the SEBI Scheme Categorisation and Rationalisation circular of October 2017. The 16 February 2018 reclassification of the flagship from PPLTVF to Parag Parikh Long Term Equity Fund (PPLTEF) preceded her joining, and shortly after she joined, the AMC launched the Parag Parikh Liquid Fund on 9 May 2018.

Progression to Credit Research Analyst

After establishing herself as a Debt Dealer, Kariya was promoted to Credit Research Analyst within PPFAS’s debt team. The Credit Research Analyst role at an AMC typically involves:

  • Fundamental credit analysis: Underwriting of corporate, PSU and non-banking financial company (NBFC) issuers.
  • Rating-action monitoring: Tracking of rating-agency actions (CRISIL, ICRA, CARE Ratings, India Ratings) for issuers held in scheme portfolios.
  • Internal credit-rating maintenance: Maintenance of PPFAS’s internal credit views supplementing external rating-agency assessments.
  • Sector exposure monitoring: Aggregation and monitoring of credit exposure by sector, group and counterparty, in line with SEBI Mutual Funds Regulations, 1996 exposure limits.

The Credit Research Analyst progression provided Kariya with the underwriting depth that supports her current Co-Fund Manager designation.

Promotion to Co-Fund Manager (Debt)

Kariya was subsequently promoted to Co-Fund Manager (Debt). Value Research Online’s announcement coverage of her appointment as Co-Fund Manager (Debt) at PPFAS confirmed the progression. The promotion designated Kariya as a named fund manager on scheme documents and factsheets, with corresponding regulatory disclosure requirements.

22 February 2024: Co-Fund Manager at PPDAAF launch

On 22 February 2024, after a 20 to 22 February 2024 NFO, PPFAS launched the Parag Parikh Dynamic Asset Allocation Fund (PPDAAF), benchmarked to the CRISIL Hybrid 50+50 Moderate Index. The launch fund-management roster included Rajeev Thakkar, Raunak Onkar, Raj Mehta, Rukun Tarachandani and Mansi Kariya. Kariya’s inclusion on PPDAAF’s launch roster reflected her promoted Co-Fund Manager status.

Current title: Co-Fund Manager (Debt)

As of May 2026, Kariya holds the current title of Co-Fund Manager (Debt) at PPFAS AMC, with named co-fund-management responsibility for the Parag Parikh Liquid Fund and the Parag Parikh Dynamic Asset Allocation Fund.

Role at PPFAS Mutual Fund

Mansi Kariya’s role within PPFAS has multiple operational components:

Liquid Fund co-management

The Parag Parikh Liquid Fund (launched 9 May 2018) is benchmarked to the CRISIL Liquid Debt B-I Index. Its mandate is to invest in money-market and short-term debt instruments with residual maturity of up to 91 days. The Liquid Fund is co-managed by Tejas Soman, Aishwarya Dhar and Mansi Kariya, the AMC’s named debt-team trio.

PPDAAF debt allocation

The Parag Parikh Dynamic Asset Allocation Fund is a dynamic asset allocation / balanced-advantage scheme benchmarked to the CRISIL Hybrid 50+50 Moderate Index. Its mandate involves a model-driven shift between equity and debt allocations. Kariya’s debt-side co-management role at PPDAAF supports the fixed-income leg of the scheme’s allocation.

Credit research depth

Kariya’s Credit Research Analyst background continues to feed into the AMC’s overall credit underwriting practices, including the PPFCF debt sleeve managed by Raj Mehta and the Liquid Fund and Conservative Hybrid Fund debt allocations.

Communications and investor engagement

Kariya contributes to the AMC’s investor-communication function through the monthly factsheet’s debt-portfolio disclosures and through the Annual Unitholders’ Meet, where she has appeared on the panel alongside other senior investment-team members.

Operational interface with custodian and RTA

Kariya, in her role spanning debt dealing, credit research and now co-fund management, interfaces operationally with the AMC’s custodian (Deutsche Bank AG, Mumbai branch) for settlement of debt-market trades and with the registrar and transfer agent (CAMS) for investor-folio operations related to the schemes she co-manages. The operational interface includes daily portfolio valuation inputs, NAV reconciliation under the mutual fund NAV computation framework, and the day-cycle disclosures required under the applicable NAV regulations. The Clearing Corporation of India Limited (CCIL) provides settlement infrastructure for government securities and TREPS trades that constitute a large portion of the Liquid Fund’s holdings.

Investment approach and debt strategy

Mansi Kariya’s debt-management approach reflects the broader PPFAS philosophy adapted to fixed-income realities:

High credit quality

PPFAS’s debt portfolios are characterised by a strong preference for high credit quality: Treasury Bills, government securities, AAA-rated PSU bonds, and Tri-Party Repo (TREPS) placements. The AMC has historically avoided extended credit-risk plays in lower-rated paper. The credit-quality preference aligns with the broader Indian debt-fund credit-event experience of 2018 to 2020, during which several AMCs experienced segregated portfolio creation and material write-downs on lower-rated corporate paper.

Short duration and high liquidity

The Liquid Fund’s mandate limits residual maturity of underlying instruments to 91 days, supporting the cash-management use-case of liquid mutual funds. The duration discipline limits interest-rate risk and credit-spread risk, both of which can materially affect mark-to-market valuation of longer-duration debt funds.

Tax-aware management

PPFAS’s tax-aware management extends to its debt allocations. The post-April-2023 debt-fund taxation regime (see debt mutual fund taxation 2023) treats specified debt mutual fund gains as short-term irrespective of holding period for purchases on or after 1 April 2023. The Liquid Fund and dynamic-asset-allocation schemes navigate this regime alongside the equity-oriented schemes that retain the favourable Section 112A treatment by maintaining the minimum 65% Indian equity threshold under the capital gains tax in India framework.

Dynamic Asset Allocation modelling

The PPDAAF scheme uses a model-driven framework for dynamic asset allocation between equity and debt. The debt side of the allocation, where Kariya is a named co-fund manager, follows the same high-quality, short-duration, low-credit-risk discipline as the rest of the AMC’s debt portfolios.

Cash as a tactical reserve

A defining feature of the broader PPFAS philosophy is the explicit treatment of cash as a tactical tool rather than a residual. PPFCF has held cash levels of 18 to 25% during 2026, including elevated levels following the May 2026 market correction. The Liquid Fund and the debt side of PPDAAF serve as part of the operational plumbing through which the AMC manages the cash and money-market component of its overall allocations across the scheme menu. Kariya’s debt-side execution and credit-monitoring role supports the AMC’s ability to deploy and re-deploy cash across short-duration, high-quality instruments without compromising on credit risk or duration discipline.

Avoidance of structured credit

Consistent with PPFAS’s broader philosophical preferences, the AMC’s debt portfolios have historically avoided structured-credit instruments, perpetual debt instruments and Additional Tier-1 (AT1) bank capital. The avoidance reflects the AMC’s preference for transparent, plain-vanilla high-quality short-duration instruments where credit risk is straightforward to evaluate.

Public engagement

Value Research Online coverage

Kariya’s promotion to Co-Fund Manager (Debt) at PPFAS was covered by Value Research Online, a leading Indian mutual fund research portal. The announcement coverage formally identified her as a co-fund manager on PPFAS debt schemes.

Monthly factsheets

Kariya’s fund-management decisions are reflected in the monthly factsheet’s debt-portfolio disclosures. The PPFAS monthly factsheet is published at https://amc.ppfas.com/downloads/factsheet/ and adheres to the AMFI factsheet template guidance and SEBI disclosure norms.

Annual Unitholders’ Meet

Kariya has appeared on the panel at the AMC’s Annual Unitholders’ Meet, the Berkshire-style annual open meeting held since the AMC’s inception. The 12th edition was held on 22 November 2025 at Birla Matushree Sabhaghar, Marine Lines, Mumbai at 4 PM IST, live-streamed on YouTube.

Comparison with industry peers

Mansi Kariya’s profile is comparatively distinctive within the Indian mutual fund industry for several reasons:

  • Internal-progression career path: Kariya’s progression from a 2018 Debt Dealer entry to Co-Fund Manager (Debt) within approximately seven years is unusual in an industry where senior debt fund-management designations are typically filled by lateral hires from primary dealerships, government-securities desks at large banks, or larger AMCs.
  • Credit Research Analyst stepping stone: The Credit Research Analyst progression on the way to fund-management designation reflects PPFAS’s preference for credit-fundamentals depth as a prerequisite for fund-management responsibility, in contrast to AMCs that hire fund managers directly from trading or market-maker backgrounds without explicit credit-research apprenticeship.
  • B.Com (Hons) Calcutta plus ICFAI MS Finance plus CFA: The educational profile, with the eastern-India B.Com (Hons) foundation, ICFAI Finance specialisation and CFA charter, is distinctive within a Mumbai-centric senior fund-management universe.
  • Triple-scheme co-fund management at a mid-sized AMC: Kariya’s named co-fund manager presence on the Liquid Fund, PPDAAF (and broader debt-side support) places her among a small set of women debt fund managers in the Indian industry.

Operational and distribution context

PPFAS Mutual Fund uses CAMS as its registrar and transfer agent, Deutsche Bank AG Mumbai branch as its custodian, and M/s. M. M. Nissim & Co. LLP as its statutory auditor. The AMC’s in-house investor platform PPFAS SelfInvest, at https://selfinvest.ppfas.com/, supports direct-plan transactions across the scheme menu, including the Liquid Fund via the PPFAS CashFlex companion application (launched 21 June 2024).

Industry utilities used by PPFAS include the MFU mutual fund utility, MF Central and the CAMS investor portal at CAMS Online, with KFin Technologies used in industry-wide common services. Mutual fund net asset values are computed under the mutual fund NAV computation framework and the applicable NAV rules under SEBI regulations.

Distribution between regular and direct plans operates under the broader direct plan adoption in India trend, with the mutual fund trail commission structure applying to regular-plan investments. Operational compliance reporting falls under the SEBI MF half-yearly trustee report framework and the SEBI MF compliance audit regime.

Mansi Kariya’s fund-management mandate sits within the broader PPFAS scheme menu of seven active schemes as of May 2026:

  1. Parag Parikh Flexi Cap Fund (PPFCF): AMC flagship, launched 24 May 2013, flexi-cap category since 13 January 2021, AUM Rs 1,60,952 crore as of 15 May 2026.
  2. Parag Parikh Liquid Fund: Liquid scheme launched 9 May 2018, co-managed by Kariya alongside Tejas Soman and Aishwarya Dhar.
  3. Parag Parikh ELSS Tax Saver Fund: ELSS launched 4 July 2019, AUM Rs 5,260.64 crore as of April 2026.
  4. Parag Parikh Conservative Hybrid Fund: Launched 28 May 2021.
  5. Parag Parikh Arbitrage Fund: Arbitrage scheme launched 27 October 2023.
  6. Parag Parikh Dynamic Asset Allocation Fund (PPDAAF): Launched 22 February 2024, with Kariya on the launch fund-management roster.
  7. Parag Parikh Large Cap Fund (PPLCF): Launched 4 February 2026.

See also

External references

References

  1. PPFAS AMC, “Fund Managers”, https://amc.ppfas.com/schemes/fund-managers/, accessed May 2026.
  2. Value Research Online, “Mansi Kariya appointment as Co-Fund Manager (Debt)”, https://www.valueresearchonline.com/stories/53758/.
  3. AMFI India, “PPFAS Asset Management Private Limited (Member 64)”, https://www.amfiindia.com/member/64.
  4. PPFAS AMC, “Parag Parikh Liquid Fund Fund Managers”, https://amc.ppfas.com/schemes/parag-parikh-liquid-fund/fund-managers/.
  5. PPFAS AMC, “Parag Parikh Liquid Fund Scheme Page”, https://amc.ppfas.com/schemes/parag-parikh-liquid-fund/.
  6. BusinessToday, “PPFAS MF launches Dynamic Asset Allocation Fund”, https://www.businesstoday.in/mutual-funds/story/new-fund-offer-ppfas-mf-launches-dynamic-asset-allocation-fund-check-scheme-investment-details-418192-2024-02-20.
  7. PPFAS AMC, “Investment Process”, https://amc.ppfas.com/schemes/investment-process/.
  8. PPFAS AMC, “Monthly Factsheet Hub”, https://amc.ppfas.com/downloads/factsheet/.
  9. SEBI, “Mutual Funds Regulations, 1996”, https://www.sebi.gov.in/.
  10. AMFI India, “AMFI Factsheet Template Guidance”, https://www.amfiindia.com/.

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