Parag Parikh Flexi Cap Fund

The Parag Parikh Flexi Cap Fund (commonly PPFCF) is the flagship equity mutual fund scheme of PPFAS Mutual Fund, formally an open-ended equity-oriented mutual fund scheme of the Flexi Cap category under the SEBI Mutual Funds Regulations 1996 framework. PPFCF was launched on 24 May 2013 by PPFAS Asset Management Private Limited and has been continuously managed by Rajeev Thakkar (Chief Investment Officer of PPFAS Mutual Fund) since its launch, with Raunak Onkar (Head of Research) and Raj Mehta (debt and overseas allocation) as co-fund managers.

PPFCF is structurally distinctive within the Indian flexi-cap category in several material respects:

• Up to 35 per cent overseas equity allocation: The scheme can invest up to 35 per cent of corpus in foreign-listed equity, principally US-listed mega-cap technology and financial companies, subject to a minimum 65 per cent Indian equity holding required to maintain equity-oriented mutual-fund tax treatment under Indian tax law.
• Focused portfolio of 25 to 37 stocks: Substantially more concentrated than the typical Indian flexi-cap fund, with each holding intended to be a material contributor to portfolio performance.
• Willingness to hold material cash: PPFCF has periodically held 15 to 25 per cent of corpus in cash and equivalents when management has assessed valuations as unattractive, a structurally distinctive stance in a category where most peers maintain near-fully-invested positions.
• Low portfolio turnover: The scheme operates with a substantially below-category-average portfolio turnover ratio, consistent with the value-investing philosophy of patient long-term holding and tax-aware management.
• No derivatives: PPFCF does not use directional futures or options for portfolio positioning, in contrast to many peers that use derivatives for hedging and tactical positioning.

PPFCF has grown to become India’s largest flexi-cap mutual fund and, in May 2025, the first actively managed equity mutual fund scheme in India to cross the Rs 1 lakh crore assets under management milestone. As of mid-May 2026, PPFCF AUM stands at approximately Rs 1,60,952 crore, having grown from approximately Rs 5 crore at the May 2013 NFO seed through Rs 1,500 crore by March 2018, Rs 35,000 crore by March 2023, Rs 93,440.89 crore by March 2025, and Rs 1,40,949 crore by April 2026.

The scheme’s returns since inception have substantially outperformed both the Nifty 500 TRI benchmark and the broader flexi-cap category average. Regular plan growth-option CAGR since inception (24 May 2013) is approximately 19.06 per cent per annum, against a category-average return of approximately 15.22 per cent per annum and a Nifty 500 TRI return of approximately 12.4 per cent per annum over the same period. The outperformance reflects the contribution of the international allocation, the focused-portfolio stock selection, and the disciplined low-turnover management.

This article is the principal reference on the Parag Parikh Flexi Cap Fund. Related references include PPFAS Mutual Fund (the AMC and broader entity), Rajeev Thakkar (the lead fund manager), Flexi Cap mutual fund India (the category framework), the SEBI scheme rationalisation circular 2017 (the categorisation framework under which PPFCF was twice renamed), and the SEBI MF overseas investment cap framework (which directly affected PPFCF in 2022).

History

24 May 2013: Launch as PPLTVF

The scheme was launched on 24 May 2013 by PPFAS Asset Management Private Limited as Parag Parikh Long Term Value Fund (PPLTVF), the AMC’s first scheme. The launch followed the AMC’s incorporation on 8 August 2011 and the mutual fund trust set-up on 10 October 2012 with SEBI Registration ID MF/069/12/01.

The launch occurred at a time when Indian mutual fund regulation was less prescriptive about scheme categorisation than the post-2017 framework, allowing PPFAS to design PPLTVF with an open mandate spanning the full equity market capitalisation spectrum (large, mid, and small cap) and a substantial international-allocation provision (up to 35 per cent of corpus in foreign-listed equity).

The New Fund Offer was substantively backed by Parag Parikh’s personal capital and family commitments, with the founder’s substantial skin-in-the-game commitment disclosed as a distinguishing feature. The scheme launched with approximately Rs 5 crore in initial subscriptions, reflecting the founder’s personal commitment alongside a relatively modest external subscription base.

Pre-rationalisation period (May 2013 to October 2017)

Through the first four-plus years of operation, PPLTVF operated under its original multi-cap-with-international-overlay mandate. The principal characteristics during this period:

• Investment mandate: Pan-equity (large, mid, small cap) with up to 35 per cent overseas allocation.
• Lead fund manager: Rajeev Thakkar, who has continuously managed the scheme since launch.
• Co-fund manager: Raunak Onkar (Head of Research), who joined as PPFCF co-manager at launch.
• Foreign overlay management: Initially also co-managed for foreign-securities-allocation purposes by additional team members.
• Benchmark: Originally CNX 500 (later renamed Nifty 500), subsequently the Nifty 500 TRI to align with the SEBI requirement for total-return benchmarks.
• Portfolio characteristics: Focused 25 to 35 stocks across Indian and international holdings.

The May 2015 death of founder Parag Parikh (in Omaha, returning from his first Berkshire Hathaway Annual Shareholders’ Meeting) was a structurally important event for the AMC and for PPLTVF. Despite the founder’s death, the scheme retained its investment mandate, fund manager (Rajeev Thakkar), and philosophy. Neil Parag Parikh succeeded as Chairman and CEO of the AMC, with continuity provided by the existing investment-team leadership.

16 February 2018: Rename to PPLTEF (Multi-Cap)

Following the SEBI scheme rationalisation circular dated 6 October 2017 (SEBI/HO/IMD/DF3/CIR/P/2017/114), which standardised Indian mutual fund scheme categories, PPFAS migrated PPLTVF into the SEBI-defined Multi-Cap Fund category. The scheme was renamed Parag Parikh Long Term Equity Fund (PPLTEF) with effect from 16 February 2018.

The Multi-Cap categorisation:

• Required investment across large, mid, and small cap stocks under SEBI’s category-specific provisions.
• Preserved the international-allocation provision (up to 35 per cent).
• Retained the fund manager, philosophy, and operational team.

The rename was an administrative categorisation event and did not alter the fundamental investment approach of the scheme.

13 January 2021: Rename to PPFCF (Flexi Cap)

In November 2020, SEBI introduced the new Flexi Cap category as a distinct category from Multi Cap, providing AMCs the option to operate equity schemes without the Multi-Cap-mandated minimum allocations to mid and small cap. The Flexi Cap category permits investment across market capitalisations without minimum-allocation constraints, aligning with PPFAS’s preferred pan-equity mandate.

PPFAS migrated PPLTEF to the new Flexi Cap category and renamed the scheme to Parag Parikh Flexi Cap Fund (PPFCF) with effect from 13 January 2021. The migration:

• Did not change the investment mandate or international-allocation provision.
• Did not change the fund manager or operational team.
• Did not change the benchmark (Nifty 500 TRI).
• Provided administrative simplification by removing the Multi-Cap mid-and-small-cap allocation constraints.

The PPFCF name has been the scheme’s identity since January 2021 and is the name by which the scheme is widely known in the contemporary retail-investor and industry-commentary environment.

2 February 2022: SEBI overseas investment cap suspension

By late January 2022, aggregate Indian mutual-fund overseas-investment positions approached the SEBI overseas investment cap of USD 7 billion (with a separate USD 1 billion cap on overseas ETFs). PPFCF, with approximately Rs 5,588 crore (around 28 per cent of AUM) in foreign securities, was directly affected.

On 2 February 2022, PPFAS announced the suspension of fresh subscriptions to PPFCF, covering:

• Lump-sum investments.
• Fresh SIP registrations.
• Fresh STP registrations.

Ongoing SIPs were not affected (continued to debit and invest). The suspension was implemented via PPFAS’s social-media and press communications, with the AMC publicly acknowledging the substantial retail-investor inflow demand and the regulatory constraint that necessitated the suspension.

17 June 2022: Partial resumption

On 17 June 2022, SEBI issued a circular permitting AMCs to resume subscription and overseas investments up to the headroom available as of 1 February 2022. PPFAS partially resumed PPFCF inflows from the resumption date.

The resumption restored:

• Fresh lump-sum investments up to limited capacity.
• Fresh SIP and STP registrations within the resumption headroom.
• Continued SIP debits without restriction.

The post-2022 PPFCF overseas allocation has declined from the pre-cap 28 per cent to approximately 11 to 16 per cent by 2026, reflecting both the cap freeze on incremental investment and AUM growth that has progressively diluted the foreign-securities-as-percentage share.

May 2025: Crossing Rs 1 lakh crore AUM

In May 2025, PPFCF crossed the Rs 1 lakh crore AUM milestone, becoming India’s first actively managed equity mutual fund scheme to cross Rs 1 lakh crore in assets under management. The milestone was substantively achieved through:

• Strong scheme performance over multiple market cycles attracting performance-driven inflows.
• Substantial SIP-investor base providing continuous organic inflows.
• Word-of-mouth and content-driven discovery via PPFAS’s YouTube channel, monthly factsheet commentary, and Annual Unitholders’ Meet.
• Cross-platform distribution availability through direct, MFU, and aggregator channels.

The milestone was widely reported across the Indian financial press, with PPFCF receiving substantial coverage in Mint, Economic Times, Business Standard, Business Today, and the broader personal-finance content ecosystem.

November 2025 onwards: Continued growth

Following the May 2025 milestone, PPFCF AUM continued to grow rapidly:

• November 2025: Approximately Rs 1.30 lakh crore.
• April 2026: Rs 1,40,949 crore (up from Rs 1,28,966 crore in March 2026, a 9.29 per cent month-on-month rise).
• 15 May 2026: Rs 1,60,952 crore.

The continued growth has produced ongoing debate within the industry about whether PPFCF’s focused-portfolio philosophy can sustain at the scale, with PPFAS responding that the international diversification provides additional capacity and that the AMC continues to identify investable opportunities consistent with the long-term-value framework.

Investment mandate

Category and structural constraints

PPFCF operates as an open-ended equity-oriented mutual fund scheme under the SEBI Flexi Cap Fund category. The structural constraints:

• Minimum 65 per cent Indian equity: To maintain equity-oriented mutual fund tax treatment (which provides the substantial Section 112A long-term capital gains tax advantage at 12.5 per cent above Rs 1.25 lakh annual exemption after the Finance (No. 2) Act 2024 amendment).
• Up to 35 per cent overseas allocation: Including foreign equity and overseas-listed exchange-traded funds.
• No minimum allocation to mid or small cap: The Flexi Cap category permits free allocation across market capitalisations.
• No sectoral or thematic constraints: PPFCF can invest across all sectors.

Investment philosophy in practice

The scheme operates within PPFAS’s broader value-investing philosophy with the following operational characteristics:

• Focused portfolio: 25 to 37 stocks across Indian and international holdings.
• Bottom-up stock selection: Each holding is selected based on intrinsic-value analysis rather than top-down macro or sector views.
• Long-term holding orientation: Average holding period typically 5+ years for core positions.
• Cash as buffer: Material cash positions when valuations are unattractive (15 to 25 per cent during certain 2024 to 2026 periods).
• Tax-aware low turnover: Annual portfolio turnover typically below 25 per cent.

International allocation strategy

The international allocation has historically focused on US-listed mega-cap technology and financial companies, with the following core holdings recurring across factsheets:

• Alphabet (Google): The first international holding, foundational to the international thesis.
• Microsoft Corporation: Sustained long-term holding.
• Amazon: Sustained long-term holding (occasionally a top-3 PPFCF holding).
• Meta Platforms (formerly Facebook): Long-term holding.
• Berkshire Hathaway class B: Historical holding (subsequently exited at various points).

The choice of US-listed mega-cap holdings reflects PPFAS’s view that these companies provide:

• High-quality global business franchises with durable competitive advantages.
• Diversification away from Indian-equity-specific concentration.
• Exposure to global technology and digital-economy trends.
• Currency diversification benefits (USD-denominated assets).

Portfolio holdings and concentration

PPFCF’s top 10 equity holdings typically constitute 47 to 59 per cent of the portfolio. The top three holdings have varied across periods:

• One period in 2025: Amazon 8.51 per cent, ITC 7.99 per cent, Alphabet 7.08 per cent.
• April 2026: HDFC Bank 7.94 per cent, Power Grid Corporation of India 6.99 per cent, Coal India 5.95 per cent.

Other recurring Indian holdings across factsheets include Bajaj Holdings, ICICI Bank, Maruti Suzuki, Mahindra and Mahindra, Hero MotoCorp, Infosys, TCS, HCL Technologies, Persistent Systems, Cipla, Kotak Mahindra Bank, IPCA Laboratories, ICRA, and Sundaram Finance (historic).

Performance

Returns since inception

PPFCF has substantially outperformed both its Nifty 500 TRI benchmark and the broader flexi-cap category average since launch. The principal performance metrics (regular plan growth option):

• CAGR since inception (24 May 2013): Approximately 19.06 per cent per annum.
• Category average CAGR over the same period: Approximately 15.22 per cent per annum.
• Nifty 500 TRI return over the same period: Approximately 12.4 per cent per annum.
• Outperformance vs benchmark since inception: Approximately 6.66 per cent per annum.

The outperformance reflects:

• International allocation contribution: The US-listed mega-cap holdings have substantially outperformed both Indian benchmarks and the Indian equity index over multiple periods.
• Stock-selection alpha: The focused-portfolio Indian holdings have produced selection alpha relative to the benchmark.
• Tax-aware management: The low-turnover approach has reduced the tax drag that affects active managers with higher turnover.
• Disciplined cash management: Cash positions during expensive market periods have reduced downside during corrections.

Worked example of SIP outcome

A Rs 10,000 monthly SIP started at PPFCF inception in May 2013 and continued through May 2026 would have:

• Total invested: Approximately Rs 15.6 lakh (156 months × Rs 10,000).
• Approximate value (May 2026): Approximately Rs 48 lakh.
• CAGR of the SIP cash flows: Approximately 18 to 19 per cent per annum.

The Rs 10,000 SIP outcome has been widely cited in Indian financial press as illustrative of the scheme’s long-term wealth-creation track record.

Risk-adjusted performance

Beyond raw return, PPFCF has been notable for risk-adjusted performance metrics:

• Standard deviation: Generally lower than category peers due to international diversification.
• Drawdown management: Smaller drawdowns during major market corrections (notably 2020 COVID-19 drawdown and 2022 to 2023 corrections).
• Sharpe ratio: Generally above category-peer average.

The risk-adjusted profile has been a structural feature of PPFCF’s positioning and a frequent reference in industry commentary.

Operational details

Scheme particulars

Plan and option structure

PPFCF is available in two plans:

• Direct Plan: Lower TER, no distribution commission. Available through direct application to the AMC (via selfinvest.ppfas.com) or through direct-plan distribution platforms (Zerodha Coin, Kuvera, ET Money, Groww, Angel One MF, INDmoney, and others).
• Regular Plan: Higher TER (incorporates distributor commission). Available through AMFI-ARN-registered mutual fund distributors and bank-affiliated distribution channels.

Each plan offers:

• Growth option: NAV-appreciation-based returns, no income distribution. The principal option used by tax-aware investors and the option for which the Rs 1 lakh crore AUM and CAGR figures are typically quoted.
• IDCW option (formerly Dividend option): Periodic distribution of income, with corresponding NAV reduction.

Fund manager team

The PPFCF fund management team comprises:

• Rajeev Thakkar (Chief Investment Officer, Equity, and Director): Lead fund manager since launch. Chartered Accountant and CFA Charterholder. Joined PPFAS Ltd in 2001, served as CEO of PPFAS Ltd from 2007 to 2012, and has managed PPFCF since 24 May 2013 launch.
• Raunak Onkar (Head of Research): Co-fund manager since launch. Joined PPFAS in 2008 as an intern in the Research Team. Tracks Technology, Pharma, and Media sectors.
• Raj Mehta (Fund Manager, Debt): Manages the debt and overseas allocation aspects of PPFCF. Joined PPFAS in 2012, CFA Charterholder and Fellow Member of ICAI.

Custodian and RTA

• Custodian: Deutsche Bank AG, Mumbai Branch.
• Registrar and Transfer Agent: CAMS (Computer Age Management Services Limited).
• Statutory Auditor: M/s. M. M. Nissim & Co. LLP.

Distribution channels

PPFCF is available through multiple distribution channels:

• Direct portal: selfinvest.ppfas.com (PPFAS SelfInvest web and mobile apps).
• Industry utilities: MFU, CAMS Online, MF Central, BSE StAR MF.
• Aggregator platforms: Zerodha Coin (direct plans), Groww, Kuvera, ET Money, Angel One MF, INDmoney, Smallcase MF Baskets, Paytm Money, Upstox, 5Paisa, mStock.
• Regular plan distribution: AMFI-ARN-registered mutual fund distributors and bank-affiliated channels.

Investor base

Substantial retail-investor base

PPFCF has developed a substantial retail-investor base, characterised by:

• High SIP participation: A substantial proportion of AUM is contributed through SIPs (the AMC has not publicly disclosed precise figures but industry estimates place SIP-AUM at 40 to 60 per cent of total AUM).
• Long-tenure investor base: Many PPFCF unitholders have held the fund since the early years of the AMC.
• Self-directed investor concentration: A higher proportion of self-directed direct-plan investors than the industry average.
• Strong word-of-mouth recommendation: PPFCF is frequently recommended in personal-finance creator content, Reddit and X discussions, and FinTwit conversations.

Distinctive engagement: Annual Unitholders’ Meet

PPFAS hosts an Annual Unitholders’ Meet modelled on the Berkshire Hathaway Annual Shareholders’ Meeting, where unitholders can directly engage with the fund management team. The 12th Annual Unitholders’ Meet was held on 22 November 2025 at Birla Matushree Sabhaghar, Marine Lines, Mumbai, with a livestream on the PPFAS YouTube channel. The event is operationally and culturally distinctive in the Indian mutual fund industry, where unitholder engagement is typically limited to formal regulatory disclosures.

Tax treatment

Equity-oriented status

PPFCF qualifies as an equity-oriented mutual fund under Indian tax law by maintaining the SEBI-required minimum 65 per cent Indian equity threshold. The equity-oriented status produces the following tax treatment for unitholders:

Long-term capital gains

For holdings of 12 months or more, redemption gains are treated as long-term capital gains under Section 112A of the Income Tax Act, 1961. The post-Finance (No. 2) Act 2024 amendments produce:

• Tax rate: 12.5 per cent on gains above the Rs 1.25 lakh annual exemption.
• Indexation: Not available (equity LTCG never had indexation).
• STT-paid requirement: Automatically satisfied for equity-oriented MF redemptions.

For holdings made before 31 January 2018, the grandfathering rule provides that the cost basis is the higher of actual cost and the 31 January 2018 NAV (subject to specific FMV grandfathering provisions).

Short-term capital gains

For holdings of less than 12 months, redemption gains are treated as short-term capital gains under Section 111A. The post-2024 amendments produce:

• Tax rate: 20 per cent (up from 15 per cent prior to the Finance (No. 2) Act 2024 amendment).
• STT-paid requirement: Automatically satisfied for equity-oriented MF redemptions.

TDS implications

For resident Indian investors:

• No TDS on redemption proceeds.
• The investor is responsible for self-reporting capital gains in the income tax return.
• The Annual Information Statement (AIS) reflects capital-gains-realisation events as reported by the AMC.

For non-resident Indian (NRI) investors:

• TDS at 12.5 per cent (LTCG) or 20 per cent (STCG) under Section 195 (NRI MF TDS Section 195).
• DTAA treaty relief may be available under applicable DTAA NRI mutual fund provisions.

Implications of overseas allocation

The substantial overseas allocation (up to 35 per cent, currently around 11 to 16 per cent post-2022 cap freeze) creates several tax-related considerations:

• The 65 per cent Indian equity threshold is structurally important to preserving equity-oriented tax treatment.
• The PPFCF design has been explicitly structured to maintain this threshold under all market conditions.
• The international allocation does not produce direct foreign-jurisdiction tax for Indian-resident unitholders (the underlying foreign securities are held by PPFAS, not the unitholder).

Comparison with peer flexi-cap schemes

vs HDFC Flexi Cap Fund

vs Kotak Flexi Cap Fund

vs SBI Flexi Cap Fund

vs Quant Flexi Cap Fund

Criticism and debates

Concentration risk

PPFCF’s focused 25-to-37-stock portfolio produces single-stock concentration that some commentators have argued is excessive for a scheme of substantial AUM. The counter-argument is that the focused approach is structural to the value-investing philosophy, that the AMC’s substantial track record validates the approach, and that the diversification across Indian and international holdings provides adequate breadth despite the relatively small individual-stock count.

Overseas-allocation regulatory dependence

PPFCF’s investment strategy structurally depends on the SEBI overseas investment cap framework permitting up to 35 per cent foreign-equity allocation. The February 2022 SEBI suspension demonstrated that the regulatory framework can directly affect operational availability. Industry commentary has periodically discussed whether the cap framework adequately accommodates structurally international funds like PPFCF.

Benchmark mismatch

PPFCF’s benchmark (Nifty 500 TRI, an Indian-equity-only benchmark) has been argued to be inadequate given the substantial international allocation. The argument is that benchmarking against a domestic index can flatter the scheme’s relative-return profile when international allocations outperform Indian equity. PPFAS has argued that the domestic-benchmark choice is consistent with the principal domestic-investor mandate and that the international allocation is supplementary alpha generation, not the benchmark-replication core.

AUM capacity concerns

PPFCF’s substantial AUM (over Rs 1.6 lakh crore as of May 2026) has produced ongoing debates about whether the focused-portfolio strategy can sustain at scale. The principal concerns:

• Single-stock position-sizing constraints become tighter as AUM grows.
• Liquidity in mid-cap and small-cap names becomes a meaningful operational constraint.
• The international-allocation cap on incremental investment limits the strategy’s adaptability.

PPFAS’s response has been that the international diversification provides additional capacity, that the focused approach is adaptable to scale, and that the AMC continues to identify investable opportunities consistent with the framework.

Limited regular-plan distribution

PPFCF’s substantial direct-plan share has been argued to underserve investors who would benefit from advisor-mediated investing. The counter-argument is that the AMC’s content-driven engagement (factsheets, Annual Unitholders’ Meet, YouTube, educational content) provides adequate guidance for self-directed investors, and that adequate alternative-distribution channels exist for advisor-mediated access.

Cash holding criticism

PPFCF’s willingness to hold material cash positions (occasionally 15 to 25 per cent of corpus) has been criticised by some commentators as inappropriate for an equity fund. The counter-argument is that holding cash during expensive market periods has been a structurally important contributor to risk-adjusted returns and that the cash discipline is a feature, not a defect.

Recent developments

Cash positioning in 2026

Through early 2026, PPFCF has held substantially elevated cash positions (18 to 25 per cent in various months) based on the management view that Indian and global equity valuations have not provided adequate margin of safety. The cash positioning has been the subject of substantial commentary, with Rajeev Thakkar providing detailed rationale in monthly factsheets and a notable May 2026 Business Today interview after a 10 per cent market correction.

Continued AUM growth

Despite the substantial AUM, organic SIP and lump-sum inflows have continued to grow PPFCF AUM through 2025 to 2026. The growth has demonstrated that the AMC’s capacity to absorb continued retail-investor demand has not been reached.

Portfolio shifts

Periodic factsheet portfolio disclosures have shown:

• Build-up of PSU positions (Power Grid, Coal India, NTPC, ONGC) reflecting PPFAS’s contrarian view on undervalued PSU equity.
• Continued maintenance of HDFC Bank, ICICI Bank as core financial-sector positions.
• Adjustments in technology sector exposure (Infosys, TCS, HCL Tech, Persistent).
• Recent build-up of ITC as a top-tier holding.

Investor education and engagement

PPFAS has continued to invest in investor-education and engagement:

• Monthly factsheet long-form commentary remains a substantive value-add.
• 12th Annual Unitholders’ Meet on 22 November 2025 with substantial Q&A.
• Continued YouTube channel investment with regular content uploads.
• Engagement with personal-finance creator economy through interview appearances.

See also

• PPFAS Mutual Fund
• Rajeev Thakkar
• Neil Parikh
• Flexi Cap mutual fund India
• Nifty 500 TRI
• SEBI scheme rationalisation circular 2017
• SEBI MF overseas investment cap
• SEBI Mutual Funds Regulations 1996
• Mutual fund
• Mutual fund industry in India
• Equity mutual fund taxation in India
• Capital gains tax in India
• Section 112A
• Section 111A
• Grandfathering rule for LTCG
• Annual Information Statement
• NRI MF TDS Section 195
• DTAA NRI mutual fund
• SIP mutual fund India
• STP mutual fund
• SWP mutual fund
• Mutual fund trail commission
• Regular vs direct plan mutual fund
• Direct plan adoption in India
• CAMS
• CAMS Online
• MF Central
• MFU mutual fund utility
• Kuvera
• ET Money
• Groww
• Angel One MF
• INDmoney
• Zerodha
• Smallcase MF baskets
• HDFC Mutual Fund
• Kotak Mahindra Mutual Fund
• SBI Mutual Fund
• Quant Mutual Fund
• Quantum Mutual Fund
• Mirae Asset Mutual Fund
• Permanent Account Number
• Permanent Account Number
• FEMA
• Foreign Portfolio Investor
• National Stock Exchange
• NIFTY 50

External references

• Parag Parikh Flexi Cap Fund scheme page (PPFAS official)
• PPFAS Mutual Fund factsheets archive
• PPFAS SelfInvest portal
• AMFI PPFAS Mutual Fund member page
• SEBI mutual fund disclosures

References

1. SEBI (Mutual Funds) Regulations, 1996, Government of India.
2. SEBI Scheme Rationalisation Circular, SEBI/HO/IMD/DF3/CIR/P/2017/114 dated 6 October 2017.
3. SEBI Circular on Overseas Investment Suspension, SEBI/HO/IMD/DF3/CIR/P/2022/026 dated 19 January 2022.
4. SEBI Circular on Partial Reopening of Overseas Investments, 17 June 2022.
5. PPFAS Mutual Fund, Scheme Information Document and Statement of Additional Information for Parag Parikh Flexi Cap Fund.
6. PPFAS Mutual Fund, Monthly factsheets, various months 2013 to 2026.
7. PPFAS Mutual Fund, Annual Unitholders’ Meet presentations and livestream archives.
8. AMFI, Monthly AUM data and category-level statistics.
9. Finance (No. 2) Act, 2024, amendments to Section 111A and Section 112A.
10. Value Research, Money Control, Morningstar India scheme profiles for performance benchmarking.