Parag Parikh Arbitrage Fund

The Parag Parikh Arbitrage Fund (PPAF) is an open-ended arbitrage scheme of PPFAS Mutual Fund (SEBI registration MF/069/12/01), managed by PPFAS Asset Management Private Limited, that buys shares in the cash market and sells the same quantity in futures to earn the price gap between the two. Units were allotted on 2 November 2023 after a new fund offer from 23 to 27 October 2023, and assets stood at Rs 2,749.88 crore on 30 September 2026, according to the PPFAS factsheet for that month.

SEBI places the scheme in the Arbitrage Fund category, which paragraph 3.8.3 of the Master Circular for Mutual Funds of 20 March 2026 defines as a scheme following an arbitrage strategy with at least 65 per cent of total assets in equity and equity related instruments. Because the cash-market legs of those trades are listed shares, the scheme is an equity oriented fund under section 198(8) of the Income-tax Act 2025 : short-term gains are taxed at 20 per cent and long-term gains, after 12 months, at 12.5 per cent above Rs 1,25,000 a year. A liquid fund bought after 31 March 2023 is taxed at the investor’s slab rate however long it is held, and that difference is the basis of the category’s tax advantage over liquid funds.

The scheme held 67.53 per cent of net assets in equity and equity related instruments on 30 September 2026, hedged by a short derivative position of 67.88 per cent, and the rest in certificates of deposit, commercial paper, mutual fund units and government securities. The Direct Plan returned 6.97 per cent a year from allotment to that date, against 7.46 per cent for its benchmark, the Nifty 50 Arbitrage Total Return Index. Its base expense ratio was 0.19 per cent.

PPAF was the fifth scheme PPFAS launched, after the Parag Parikh Flexi Cap Fund (24 May 2013), the Parag Parikh Liquid Fund (11 May 2018), the Parag Parikh ELSS Tax Saver Fund (24 July 2019), and the Parag Parikh Conservative Hybrid Fund (26 May 2021). It was the AMC’s first scheme built around derivatives, which the PPFAS stance on derivatives otherwise confines to hedging and, in the Conservative Hybrid Fund, covered calls. It carries an exit load of 0.25 per cent for 30 days and offers only a Growth option.

History

The trustees of PPFAS Mutual Fund approved the Parag Parikh Arbitrage Fund on 27 June 2023, according to the due-diligence certificate in its Scheme Information Document (SID). PPFAS filed the draft SID with SEBI on 9 August 2023, with the offer dates left blank. Cafemutual reported on 21 October 2023 that the NFO would open on 23 October and close on 27 October 2023, with Rajeev Thakkar, Raunak Onkar, Raj Mehta, and Rukun Tarachandani as managers.

The allotment date is 2 November 2023. Earlier versions of this page and about 20 others on webnotes.in gave 27 October 2023, which is the day the NFO closed, and three gave 3 November 2023. The September 2026 factsheet, the one-pager and presentation of 14 October 2026, and the SID dated 28 November 2025 all state 2 November 2023, and the SID computes since-inception returns from that date on the Rs 10 allotment price.

The scheme came seven months after the Finance Act 2023 took away indexation and long-term rates from funds holding no more than 35 per cent in domestic equity, for units bought from 1 April 2023 (debt mutual fund taxation 2023 ). Arbitrage funds were untouched because their hedged equity keeps them above the 65 per cent equity test. PPFAS followed with the Parag Parikh Dynamic Asset Allocation Fund , allotted on 27 February 2024, which uses arbitrage positions too but stays below the equity threshold.

How the cash-futures arbitrage works

A cash-futures arbitrage earns the difference between a stock’s spot price and the price of a futures contract on it. A futures contract normally trades above spot because the buyer defers payment; the premium roughly reflects short-term interest rates for the period to expiry, adjusted for expected dividends. At expiry the futures price settles at spot, so a position long in shares and short in futures locks in the premium at the start, whatever the share price does in between.

PPFAS illustrates it on the scheme’s FAQ page: buy shares of a company at Rs 300 on 15 September 2023, sell a futures contract expiring on 28 September 2023 at Rs 305, and the Rs 5 gap is earned when the two prices converge on 28 September.

The same arithmetic on a one-month position, with illustrative figures:

Illustrative figures, before brokerage, Securities Transaction Tax and impact cost. A 0.6 per cent monthly premium is 7.2 per cent a year on simple annualisation.

At expiry the fund either closes both legs or rolls the futures into the next month at a fresh premium. Costs come out of the spread. Under the PPFAS Tax Reckoner 2026-27, Securities Transaction Tax is 0.1 per cent on each delivery purchase and sale of shares and 0.05 per cent of the sale value of a futures contract, paid by the seller, and every rupee of it reduces the premium the scheme keeps. The premium also changes with market conditions: it widens when demand for leveraged long positions is high and narrows, and can briefly turn negative, when it is low. That variation is why the category’s returns move from year to year.

The SID counts the hedged position only once. Where the scheme is long a security and short the same security in futures, only the long position counts towards asset allocation, so the 65 per cent equity floor and the derivative limits are not double-counted.

Investment mandate and asset allocation

The investment objective in the SID is “to generate capital appreciation and income by predominantly investing in arbitrage opportunities in the cash and derivatives segment of the equity market, and by investing the balance in debt and money market instruments.” The SID adds that there is no assurance the objective will be achieved and no guaranteed return.

Source: SID of the Parag Parikh Arbitrage Fund, dated 28 November 2025, Part II section A.

The SID also states these limits:

• Derivatives may be used up to 100 per cent of total assets, for hedging and portfolio balancing.
• Securitised debt is capped at 50 per cent of the debt portion, and structured obligation and credit enhanced paper at 10 per cent of the debt portfolio.
• The scheme does not invest in overseas securities, ADRs or GDRs, REITs or InvITs, credit default swaps, AT1 or AT2 bonds, or covered calls, and it does not lend stock or sell short.
• Short-term bank deposits are capped at 15 per cent of net assets, extendable to 20 per cent with trustee approval.
• Swing pricing does not apply to arbitrage schemes.

Defensive allocation. When the fund manager finds too few arbitrage opportunities, the SID permits investment in short-term debt and money market instruments instead. The PPFAS presentation of 14 October 2026 and the scheme’s asset allocation page set the defensive range at 0 to 65 per cent hedged equity and 35 to 100 per cent debt. The SID treats such deviations as short-term and defensive only, with rebalancing within 30 calendar days; a long stay below 65 per cent would also threaten the equity tax status, which section 198(8) of the Income-tax Act 2025 tests on the annual average of monthly holdings.

The same presentation and web page describe the debt bucket in narrower terms than the SID: certificates of deposit and government securities with maturities up to one year, units of domestic liquid, money market or sub-one-year duration schemes, overnight securities, and gold and silver ETFs or ETCDs. That wording largely follows the arbitrage fund row in the Master Circular of 20 March 2026, which limits debt exposure to certificates of deposit, government securities up to one year, and units of liquid, money market, or sub-one-year Macaulay duration schemes for liquidity and margin needs. The PPFAS addenda list carried no notice of a change to this scheme’s asset allocation on 22 October 2026, so the SID of 28 November 2025 is the governing document.

The PPFAS presentation describes the debt strategy as “Credit Risk: Low (Similar to Liquid Fund) Duration: Around 1 Year” and notes that debt allocation “tends to be a big differentiator between arbitrage funds.” PPFAS states a debt strategy of low credit risk, similar to a liquid fund, and a duration of around one year.

Portfolio on 30 September 2026

The Parag Parikh Arbitrage Fund held Rs 2,749.88 crore on 30 September 2026, and averaged Rs 2,774.18 crore through the month, according to the PPFAS factsheet for September 2026.

Source: PPFAS Mutual Fund factsheet, September 2026, page 22. Outstanding derivative exposure was minus 67.88 per cent of net assets.

The largest hedged equity positions were HDFC Bank (6.38 per cent), ICICI Bank (6.17 per cent), Canara Bank (5.28 per cent), Reliance Industries (4.80 per cent), Axis Bank (4.51 per cent), Bharti Airtel (4.40 per cent), Kotak Mahindra Bank (3.75 per cent), Bharat Heavy Electricals (2.97 per cent), State Bank of India (2.38 per cent), and IDFC First Bank (2.24 per cent). Banks made up 34.14 per cent of net assets. In September 2026 the fund exited Grasim Industries and added Coforge, Infosys, and Multi Commodity Exchange of India.

The factsheet reports the debt portfolio’s yield to maturity at 6.46 per cent, modified duration at 0.26 years, Macaulay duration at 0.28 years, and average maturity at 102.48 days. All holdings were rated AAA, A1+, or sovereign, with no change in credit quality during the month. The factsheet combines certificates of deposit and commercial paper in one line, so the split between the two is not published there.

Performance

The Direct Plan of the Parag Parikh Arbitrage Fund returned 6.97 per cent a year from 2 November 2023 to 30 September 2026, against 7.46 per cent for the Nifty 50 Arbitrage TRI, according to the September 2026 factsheet. A Rs 10,000 lump sum in the Direct Plan grew to Rs 12,169 over that period.

Source: PPFAS factsheet and one-pager, September 2026. Financial-year figures are from the factsheet’s absolute-returns chart. Three-year and five-year returns are not published because the scheme has not completed three years.

A Rs 10,000 monthly SIP from inception, Rs 3,50,000 in all, was worth Rs 3,85,731 in the Direct Plan on 30 September 2026, an annualised 6.61 per cent, against 7.31 per cent for the benchmark.

Two points stand out. The scheme beat the CRISIL 1 Year T-Bill Index, the additional benchmark the Master Circular prescribes for arbitrage funds, by 2.45 percentage points over the year (Direct Plan). It trailed the arbitrage index over one year and in both full financial years shown, FY2024-25 and FY2025-26. The Nifty 50 Arbitrage TRI is a notional strategy with no expense ratio, brokerage, STT, or cash held for redemptions and margins; the 0.19 per cent base expense ratio accounts for only part of the 0.87 percentage-point gap over one year.

The factsheet reports an annualised standard deviation of 0.45 per cent. Arbitrage returns track the futures premium, which follows short-term rates, so the category behaves more like a money market fund than an equity one. Rolling versus trailing returns explains why a period this short gives limited evidence.

Taxation under the Income-tax Act 2025

The Parag Parikh Arbitrage Fund is an equity oriented fund for tax, and the PPFAS Tax Reckoner 2026-27 lists it with the Flexi Cap, ELSS Tax Saver, and Large Cap funds. The Income-tax Act 2025, in force since 1 April 2026, applies these rules to redemptions in tax year 2026-27:

Surcharge, capped at 15 per cent on these gains, and the 4 per cent health and education cess apply on top. Securities Transaction Tax of 0.001 per cent of the value is deducted when units are sold back to the fund (PPFAS Tax Reckoner 2026-27).

Why it qualifies. Section 198(8)(ii) defines an equity oriented fund as a mutual fund scheme with at least 65 per cent of its total proceeds in equity shares of domestic companies listed on a recognised stock exchange, measured as the annual average of the monthly averages of opening and closing holdings. The cash-market legs of the arbitrage trades are such shares; the law does not net off the futures hedge. Section 196(5) adopts the same definition for short-term gains.

When it could fail. The test is an annual average, so a month below 65 per cent does not disqualify the scheme, but a year spent mostly in the defensive allocation would. The scheme held 67.53 per cent in equity and equity related instruments on 30 September 2026. Mutual fund units, 10.70 per cent of the portfolio, do not count towards the 65 per cent.

Example. Consider an investor in the 30 per cent slab who redeems units after six months with a gain of Rs 1 lakh. From the Parag Parikh Arbitrage Fund the tax is Rs 20,000 at 20 per cent, Rs 20,800 with cess. From the Parag Parikh Liquid Fund, a specified mutual fund taxed at slab under section 76, the same gain costs Rs 30,000, Rs 31,200 with cess. Held 13 months, the arbitrage gain is long-term and falls inside the Rs 1,25,000 exemption if the investor has no other equity long-term gains that year, so no tax is due; the liquid fund gain is still taxed at 30 per cent.

For an investor with no tax liability, or one whose slab rate is below 20 per cent, the advantage disappears, and the PPFAS presentation states that the scheme may not suit those “in an income tax bracket which may not benefit from the relatively ’tax-advantaged’ status”. The full treatment, including set-off of losses and why the 31 January 2018 grandfathering cannot apply to units of a 2023 scheme, is in PPFAS arbitrage fund taxation and arbitrage fund taxation . Capital gains appear in the Annual Information Statement and in the CAMS and KFintech capital gains statement .

Costs, exit load, and transaction rules

The base expense ratio of the Parag Parikh Arbitrage Fund was 0.19 per cent for the Direct Plan and 0.53 per cent for the Regular Plan on the last business day of September 2026, unchanged from August, according to the factsheet. The 0.34 percentage-point difference includes the distributor commission paid from the Regular Plan (regular versus direct plan ).

The scheme is an equity oriented scheme under Regulation 2(1)(n) of the SEBI (Mutual Funds) Regulations 2026 , with equity derivatives counted as equity related instruments under Regulation 2(1)(o), so the equity slabs of Regulation 66(7)(c) set its ceiling: 2.10 per cent on the first Rs 500 crore, 1.90 per cent on the next Rs 250 crore, 1.60 per cent on the next Rs 1,250 crore, and 1.50 per cent on the next Rs 3,000 crore. On Rs 2,749.88 crore that works out to a blended cap of about 1.69 per cent (webnotes.in calculation from the slabs; the cap is applied to daily net assets). Brokerage above the base ratio is capped at 0.06 per cent of trade value in the cash market and 0.02 per cent in derivatives under Regulation 66(9), which matters for a scheme whose whole return comes from trading (mutual fund TER in India ).

Source: SID dated 28 November 2025; factsheet, September 2026; PPFAS transaction timelines page.

The exit load is counted separately for each purchase or switch-in, and any amount collected, net of GST, goes back into the scheme rather than to the AMC. For a purchase, the applicable NAV is that of the day on which funds are credited to the scheme before 3:00 pm. A switch from the Parag Parikh Liquid Fund before 3:00 pm takes the Liquid Fund’s same-day NAV and the arbitrage fund’s NAV on the switch-out settlement date, per the PPFAS transaction timelines page.

The SID offers SIP, SIP top-up, and SIP pause, systematic transfer and systematic withdrawal plans, transactions through stock exchange platforms, MF Central , and MF Utility , and PPFAS’s own channels: the SelfInvest website and app, the PPFAS Corp web app for companies (from 20 August 2024), and PPFAS CashFlex.

PPFAS CashFlex

PPFAS CashFlex is a mobile app for existing investors to make additional purchases in, and redemptions from, the Parag Parikh Arbitrage Fund and the Parag Parikh Liquid Fund . A PPFAS notice-cum-addendum dated 20 June 2024 announced it with effect from 21 June 2024, on Android and iOS, and made it an official point of acceptance of transactions, so the SEBI cut-off times apply to it as to any other channel.

Registration is a one-time password process followed by a mobile PIN for each folio. The Instant Access Facility on the app covers only the Liquid Fund; arbitrage fund redemptions through CashFlex follow the normal T+2 payout. The PPFAS CashFlex entry covers the app in detail.

Fund management

The Parag Parikh Arbitrage Fund named six fund managers in the PPFAS factsheet for September 2026, the same team as on the Parag Parikh ELSS Tax Saver Fund .

Source: PPFAS factsheet, September 2026, and one-pager, 14 October 2026.

Raj Mehta was one of the four managers named at the NFO, in a debt role. A footnote to the one-pager states that he managed the scheme as a debt fund manager up to 31 August 2025 and was appointed an equity fund manager with effect from 1 September 2025, the date on which Tejas Soman and Aishwarya Dhar took over the debt side. Pages that describe Raj Mehta as the scheme’s debt manager are correct only for the period to 31 August 2025.

PPFAS describes Rukun Tarachandani as having started in 2013 as an equity research analyst at Goldman Sachs Global Investment Research and having worked at Kotak Mahindra Asset Management on small and mid cap stocks and special situations before joining PPFAS. Raunak Onkar joined PPFAS as a research intern in 2008. Oversight sits with the board of PPFAS Trustee Company Private Limited (SEBI MF half-yearly trustee report ).

Insider holdings. The factsheet puts the combined holding of PPFAS insiders in the scheme at Rs 553.00 crore on 30 September 2026, about 20 per cent of AUM. Under the SEBI rule on aligning designated employees’ interests with unitholders, carried into the Master Circular of 20 March 2026, designated employees held 1,07,127.24 Direct Plan Growth units, worth Rs 13,04,123.68 (PPFAS skin in the game ).

Risks

The PPFAS factsheet for September 2026 rates both the scheme and its benchmark Low on the riskometer and lists five major risk factors: market risk, liquidity risk for arbitrage trades, model risk, derivative risk, and credit risk.

• Spread risk. The premium on futures falls when demand for leverage falls. The return in any year is set by that premium and is not fixed at purchase, as the drop from 7.54 per cent in FY2024-25 to 6.44 per cent in FY2025-26 (Direct Plan) shows.
• Execution and liquidity risk. Positions must be opened, rolled, and closed in both markets at once. A large redemption, or a stock that becomes illiquid in futures, can force a leg to be closed at a poor price.
• Mark-to-market swings. Before expiry the gap between spot and futures can widen, producing a small loss in the NAV that reverses only at convergence. Daily NAV is not as smooth as a liquid fund’s.
• Credit and interest-rate risk on the debt portion. Up to 35 per cent of the portfolio is outside the arbitrage book; All of it was rated AAA, A1+, or sovereign on 30 September 2026, with a Macaulay duration of 0.28 years against the around-one-year duration the PPFAS presentation of 14 October 2026 states as its strategy.
• Tax-status risk. The SID limits defensive deviations to the short term, with rebalancing within 30 calendar days; a longer period in the defensive allocation would pull the annual average of listed equity below the 65 per cent test in section 198(8), and gains would then be taxed as for a non-equity fund.
• Category concentration. The arbitrage category held Rs 2,97,632.33 crore across 40 schemes on 30 September 2026, per AMFI, and every scheme competes for the same futures premiums; AMFI recorded a net outflow of Rs 3,956.38 crore from the category that month.

Parag Parikh Arbitrage Fund and Parag Parikh Liquid Fund

The Parag Parikh Arbitrage Fund and the Parag Parikh Liquid Fund are the two PPFAS schemes for short-term money, and PPFAS sells them side by side through CashFlex. They differ on tax, cost, and speed:

Sources: PPFAS factsheet, September 2026; Parag Parikh Liquid Fund entry for the Liquid Fund figures.

The 30-day exit load and T+2 payout make the arbitrage fund costlier for money needed within 30 days; its tax advantage applies where the investor’s slab rate exceeds 20 per cent. For an investor with little or no tax liability, the Liquid Fund’s lower expense ratio and shorter load period leave the arbitrage fund with no offsetting advantage. The general case is set out in arbitrage versus liquid funds and liquid fund versus savings account .

Parag Parikh Arbitrage Fund in its category

AMFI’s monthly report for September 2026 lists 40 arbitrage schemes with Rs 2,97,632.33 crore in net assets and 9,61,288 folios on 30 September 2026. The Parag Parikh Arbitrage Fund held 0.92 per cent of the category’s assets (webnotes.in calculation: Rs 2,749.88 crore from the PPFAS factsheet divided by the AMFI category total).

In SEBI’s classification, arbitrage funds sit among the hybrid schemes, beside the equity savings and balanced advantage categories, which also use hedged equity but keep a net long position. In an arbitrage fund the hedge is meant to be complete, and the PPFAS one-pager says the scheme “does not take a directional exposure to equity”. The category rules are in arbitrage mutual funds in India and the SEBI scheme rationalisation circular 2017 , which first set the 65 per cent floor on 6 October 2017.

Investor services and grievances

The SID of the Parag Parikh Arbitrage Fund, dated 28 November 2025, names three routes for a service request or complaint. PPFAS Mutual Fund takes general requests on its toll-free number 1800-266-7790 and at mf@ppfas.com ; complaints go to Aalok Mehta, Head of Investor Relations and Direct Channel, at the same address. An unresolved complaint can then be taken to SEBI through SCORES 2.0 at scores.sebi.gov.in, and after that to online dispute resolution on the SMART ODR portal at smartodr.in. The steps for PPFAS specifically are in escalating a PPFAS complaint to SCORES .

See also

• PPFAS Mutual Fund
• PPFAS history, 1979 to present
• PPFAS scheme launch timeline 2013 to 2026
• PPFAS stance on derivatives
• PPFAS arbitrage fund taxation
• PPFAS CashFlex
• PPFAS exit load structure
• PPFAS minimum investments per scheme
• PPFAS sponsor commitment and skin in the game
• Parag Parikh Flexi Cap Fund
• Parag Parikh Liquid Fund
• Parag Parikh ELSS Tax Saver Fund
• Parag Parikh Conservative Hybrid Fund
• Parag Parikh Dynamic Asset Allocation Fund
• Parag Parikh Large Cap Fund
• Rajeev Thakkar
• Raunak Onkar
• Rukun Tarachandani
• Raj Mehta
• Tejas Soman
• Aishwarya Dhar
• Neil Parikh
• Arbitrage mutual funds in India
• Arbitrage fund taxation
• Arbitrage versus liquid funds
• Nifty 50 Arbitrage Index
• Liquid mutual funds in India
• Liquid fund versus savings account
• Equity savings mutual fund
• Balanced advantage fund
• Equity derivatives in India
• Futures and options
• Securities Transaction Tax
• Equity mutual fund taxation
• Capital gains tax in India
• Income-tax Act 2025
• Debt mutual fund taxation 2023
• SEBI (Mutual Funds) Regulations 2026
• SEBI Master Circular for Mutual Funds 2026
• SEBI scheme rationalisation circular 2017
• Mutual fund TER in India
• Mutual fund exit load
• Mutual fund riskometer
• Applicable NAV
• Mutual fund cut-off times
• Regular versus direct plan
• SIP mutual fund India
• STP mutual fund
• SWP mutual fund
• AIS for mutual fund investors
• CAMS and KFintech capital gains statement
• CAMS
• MF Central
• MF Utility
• Rolling versus trailing returns
• SEBI MF half-yearly trustee report

External references

• PPFAS Mutual Fund, Parag Parikh Arbitrage Fund scheme page: https://amc.ppfas.com/schemes/parag-parikh-arbitrage-fund/
• PPFAS Mutual Fund, SID, KIM and SAI downloads: https://amc.ppfas.com/downloads/kim-sid-and-sai/
• PPFAS Mutual Fund, monthly factsheets: https://amc.ppfas.com/downloads/factsheet/
• PPFAS Mutual Fund, notices and addenda: https://amc.ppfas.com/downloads/addendum/
• PPFAS Mutual Fund, Tax Reckoner 2026-27: https://amc.ppfas.com/schemes/Tax_Reckoner_2026-27.pdf
• AMFI, monthly report for September 2026: https://portal.amfiindia.com/spages/amsep2026repo.pdf
• SEBI, Master Circular for Mutual Funds, 20 March 2026: https://www.sebi.gov.in/legal/master-circulars/mar-2026/master-circular-for-mutual-funds_100491.html
• SEBI, draft filing of the Parag Parikh Arbitrage Fund, 9 August 2023: https://www.sebi.gov.in/filings/mutual-funds/aug-2023/parag-parikh-arbitrage-fund_75111.html

References

1. PPFAS Mutual Fund, Scheme Information Document, Parag Parikh Arbitrage Fund, dated 28 November 2025 (Part I summary; Part II section A; due-diligence certificate), and Key Information Memorandum dated 27 November 2025. https://amc.ppfas.com/downloads/parag-parikh-arbitrage-fund/scheme-information-document-parag-parikh-arbitrage-fund.pdf
2. PPFAS Mutual Fund, Factsheet for September 2026 (scheme pages 21 to 23). https://amc.ppfas.com/downloads/factsheet/2026/ppfas-mf-factsheet-for-September-2026.pdf
3. PPFAS Mutual Fund, Parag Parikh Arbitrage Fund one-pager and presentation, 14 October 2026. https://amc.ppfas.media/documents/one-pager-ppaf-14102026.pdf and https://amc.ppfas.media/documents/presentation-for-ppaf-14102026.pdf
4. PPFAS Mutual Fund, Notice cum Addendum, launch of the PPFAS CashFlex mobile application, 20 June 2024. https://amc.ppfas.com/downloads/addendum/2024/notice-cum-addendum-ppfas-cashflex.pdf
5. PPFAS Mutual Fund, Tax Reckoner 2026-27. https://amc.ppfas.com/schemes/Tax_Reckoner_2026-27.pdf
6. Income-tax Act 2025 (Act 30 of 2025), sections 76, 196 and 198, Gazette of India. https://egazette.gov.in/WriteReadData/2025/265620.pdf
7. SEBI (Mutual Funds) Regulations 2026, Regulations 2(1)(n), 2(1)(o), 66(7)(c), and 66(9). https://www.sebi.gov.in/sebi_data/attachdocs/jan-2026/1768987928534.pdf
8. SEBI, Master Circular for Mutual Funds, HO/24/13/11(1)2026-IMD-POD-1/I/7602/2026, 20 March 2026, paragraphs 3.8.3 and 14.2.4. https://www.sebi.gov.in/sebi_data/attachdocs/mar-2026/1774024028162.pdf
9. AMFI, Monthly Report for the month of September 2026. https://portal.amfiindia.com/spages/amsep2026repo.pdf
10. Cafemutual, “PPFAS MF launches its Arbitrage Fund”, 21 October 2023. https://cafemutual.com/news/nfo/30472-ppfas-mf-launches-its-arbitrage-fund