Guides
A growing collection of how-to guides and reference notes.
- Tejas Soman
Encyclopedic biographical reference on Tejas Soman, Fund Manager (Debt) at PPFAS Asset Management Private Limited, the AMC of PPFAS Mutual Fund. Covers his over-a-decade fixed-income career across SBI Funds Management Limited, Yes Bank primary dealership, STCI Primary Dealership, and PwC tax and regulatory advisory, his joining of PPFAS and his named co-fund manager role on the Parag Parikh Liquid Fund and Parag Parikh Large Cap Fund.
- TCS at PPFCF
Tata Consultancy Services Limited has been a periodic Indian-IT-services holding of the Parag Parikh Flexi Cap Fund (PPFCF). The position reflects the PPFAS thesis on Indian IT services anchored in competitive advantage, scale and disciplined valuation-driven entry. This article documents the thesis, the position history and the comparison with peer holdings.
- Taxation of Parag Parikh Flexi Cap Fund (PPFCF)
Encyclopedic reference on the taxation of the Parag Parikh Flexi Cap Fund (PPFCF). Covers the equity-oriented mutual fund tax classification under Section 10(38) and the Finance (No. 2) Act 2024 framework, the minimum 65 per cent Indian-equity threshold that PPFCF maintains, Section 112A long-term capital gains at 12.5 per cent above the Rs 1.25 lakh annual exemption, Section 111A short-term capital gains at 20 per cent, the Securities Transaction Tax (STT) paid requirement, the equity-oriented versus non-equity tax distinction, and the pre-1 February 2018 grandfathering rule.
- Tax-aware portfolio management at PPFAS
Encyclopedic reference on tax-aware portfolio management as practised at PPFAS Mutual Fund. Covers the low turnover discipline (typically below 25 per cent annually), deferral of long-term capital gains realisation, reduction of transaction costs, the post-Finance Act 2024 LTCG framework with 12.5 per cent under amended Section 112A, and the resulting post-tax outperformance at the Parag Parikh Flexi Cap Fund. Explains the theoretical foundation in Warren Buffett's long-duration ownership and Charlie Munger's compounding-power articulation, and application across the PPFAS scheme range.
- Systematic Withdrawal Plan (SWP)
Encyclopedic reference on the Systematic Withdrawal Plan (SWP) in Indian mutual funds: the periodic redemption-and-credit facility that converts a mutual fund corpus into a regular income stream. Covers the three principal SWP variants (Fixed SWP, Appreciation SWP, Fixed Unit SWP), the applicable-NAV computation, the tax-efficiency comparison with the IDCW option (capital-gains treatment vs slab-rate treatment), the post-2023 debt-fund-tax regime impact, the sequence-of-returns risk and mitigation strategies for retirement-income use, the comparison with annuities and other regular-income products, and the operational workflow through CAMS, KFin Technologies, and the AMC RTAs.
- Systematic Transfer Plan (STP)
Encyclopedic reference on the Systematic Transfer Plan (STP) in Indian mutual funds: the periodic intra-AMC scheme-to-scheme transfer facility that operates without funds passing through the investor's bank account. Covers the three principal STP variants (Fixed STP, Capital Appreciation STP, Fixed Unit STP), the applicable-NAV computation, the tax treatment of each instalment as a redemption event, the principal use case of gradual lump-sum deployment, the post-2023 debt-fund-tax-regime impact on STP from debt source schemes, and the comparison with SIP, SWP, and one-time switch.
- Systematic Investment Plan in India
Encyclopedic reference on the Systematic Investment Plan (SIP) in Indian mutual funds: mechanics, mandate infrastructure, rupee cost averaging, variants, tax treatment, industry scale, and regulatory evolution.
- Sundaram Finance at PPFCF (historic)
Sundaram Finance Limited was a periodic significant NBFC holding of the Parag Parikh Flexi Cap Fund (PPFCF) in earlier years, before a subsequent exit pattern. The position reflected the PPFAS thesis on the auto-financing franchise, anchored in conservative underwriting and disciplined valuation discipline. This article documents the historic thesis, the position history and the subsequent exit context.
- Stocks to Riches (2005) by Parag Parikh
Encyclopedic reference on Stocks to Riches: Insights on Investor Behaviour, the 2005 book by Parag Parikh published by Tata McGraw-Hill Education. Covers the retail-investor focus, the behavioural-finance themes, the publication context within the Indian retail-investor community, the book's role as a reference text and its place in the founder's broader literary and educational legacy that anticipated PPFAS Mutual Fund's later investment philosophy.
- Stockbroker in India
Encyclopedic reference on stockbrokers in India, the SEBI-registered intermediaries authorised to execute trades on recognised stock exchanges on behalf of clients. Covers the regulatory framework under the SEBI Stock Brokers Regulations 1992, the registration and capital-adequacy requirements, the principal broker categories (full-service, discount, institutional), the operational framework for client onboarding, KYC, contract notes, brokerage and other transaction-cost components, the post-2019 Karvy enforcement structural reforms (PoA-to-DDPI transition, daily settlement, securities-balance reconciliation), and the role in the broader Indian capital-market ecosystem.
- Statement of Additional Information for Indian mutual funds
Encyclopedic reference on the Statement of Additional Information (SAI): the AMC-level disclosure document common to all schemes of an Indian mutual fund, covering sponsor, trustee, AMC, condensed financial information, accounting policies, and litigation disclosures.
- Smallcase mutual fund baskets
Encyclopedic reference on Smallcase mutual fund baskets, the curated-combination direct-plan-mutual-fund investment product offered by Smallcase Technologies. Covers the basket construction methodology with SEBI-registered Investment Advisers and Research Analysts, the post-October 2023 integration with Kuvera's direct-plan execution infrastructure, the basket-rebalancing workflow, the regulatory framework under the SEBI IA Regulations 2013 and Research Analyst Regulations 2014, the EOP Regulations 2023 framework, and the comparison with Smallcase's stock-basket product and other thematic MF investment products.
- Side-pocketing framework for Indian debt mutual funds
Encyclopedic reference on the SEBI side-pocketing framework for Indian debt mutual funds: the December 2018 circular permitting segregated portfolios for stressed securities, eligibility triggers, mechanics, investor protections, deployment history including IL&FS, DHFL, and Yes Bank AT1 events, and policy debates.
- selfinvest.ppfas.com investor self-service portal
Encyclopedic reference on PPFAS SelfInvest, the investor self-service portal at selfinvest.ppfas.com operated by PPFAS Mutual Fund. Covers the web and mobile (Android and iOS) app architecture, the direct-plan investment workflow, the PPFAS CashFlex companion app launched on 21 June 2024 for liquid and arbitrage scheme investments, the account onboarding through Aadhaar e-KYC and other KYC pathways, the transaction execution including lump-sum, SIP, STP, SWP, switch, and redemption, the integration with the broader PPFAS Mutual Fund operational framework through CAMS, and the comparison with aggregator-platform alternatives for PPFAS investing.
- Section 44AB of the Income Tax Act
Encyclopedic reference on Section 44AB of the Income Tax Act, 1961, the principal tax-audit provision under Indian direct tax law. Covers the audit thresholds for business income (Rs 1 crore standard, Rs 10 crore for predominantly digital businesses) and professional income (Rs 50 lakh), the interaction with the Section 44AD/44ADA presumptive taxation regimes, the Form 3CD audit report requirements, the timeline for audit and return filing, the consequences of non-compliance under Section 271B, and the implications for futures and options trading businesses.
- Section 112A of the Income Tax Act
Encyclopedic reference on Section 112A of the Income Tax Act, 1961: the long-term capital gains tax provision for listed equity and equity-oriented mutual funds, its 2018 reintroduction with grandfathering, the post-23-July-2024 rate update to 12.5 per cent, applicability conditions, computation, exemption threshold, and reporting in Schedule 112A.
- Section 111A of the Income Tax Act
Encyclopedic reference on Section 111A of the Income Tax Act, 1961: the short-term capital gains tax provision for listed equity and equity-oriented mutual funds, post-23-July-2024 rate update to 20 per cent, STT condition, applicability, computation, anti-abuse provisions, and reporting.
- SEBI scheme rationalisation circular of 2017
Encyclopedic reference on SEBI's October 2017 categorisation and rationalisation circular: the 36-category framework for open-ended mutual fund schemes, mandatory consolidation, the AMFI large-mid-small-cap list, and post-2017 amendments through 2026.
- SEBI NAV applicability rule of 2021
Encyclopedic reference on SEBI's February 2021 NAV applicability rule: the unification of fund-realisation-based NAV applicability across all scheme subscription sizes, regulatory rationale, implementation timeline, impact on distributors and corporate treasury, and integration with the broader cut-off framework.
- SEBI mutual fund stress testing framework of 2024
Encyclopedic reference on SEBI's February 2024 stress testing framework for Indian small-cap and mid-cap mutual funds: portfolio liquidation days disclosure, computation methodology, AMC responses including voluntary SIP caps, and integration with the riskometer and swing pricing frameworks.
- SEBI mutual fund overseas investment cap
Encyclopedic reference on the SEBI and RBI overseas investment caps for Indian mutual funds: the aggregate USD 7 billion industry cap on overseas securities, the separate USD 1 billion cap on overseas ETFs, the per-AMC sub-limits, the regulatory basis under SEBI Mutual Funds Regulations 1996 Second Schedule and FEMA, the historical evolution from the 2007 USD 3 billion launch through the 2012 expansion to USD 7 billion, the January 2022 suspension and August 2022 partial reopening cycle, the operational impact on international fund-of-funds and multi-asset schemes, and the SIF framework exception for sophisticated-investor strategies.
- SEBI Investor Charter for Mutual Funds
Encyclopedic reference on SEBI's Investor Charter for Mutual Funds: the standardised rights-and-obligations framework mandated by SEBI in August 2021, its content, display requirements, grievance redressal pathway, integration with SCORES and ODR, and role in the broader investor protection regime.
- SEBI Investment Management Department
Encyclopedic reference on SEBI's Investment Management Department: history, organisational structure, regulatory mandate over mutual funds, portfolio managers, investment advisers, AIFs, REITs, and InvITs, circular issuance, enforcement role, and recent thematic initiatives.
- SEBI half-yearly trustee report for mutual funds
Encyclopedic reference on the SEBI half-yearly trustee report, the six-monthly compliance and governance document submitted by the Board of Trustees of each Indian mutual fund to SEBI under Regulation 27(2) of the SEBI Mutual Funds Regulations 1996. Covers the trustee structure and independence requirements, the report contents (compliance certification, performance review, investor complaints, material changes, related-party transactions, unclaimed amounts), the submission timeline for the 31 March and 30 September half-years, the comparison with the annual report and the SEBI compliance-audit framework, and the post-2020 enhanced disclosure requirements following the Franklin Templeton winding-up event.
- SEBI Execution-Only Platform framework of 2023
Encyclopedic reference on SEBI's Execution-Only Platform (EOP) framework for direct-plan mutual fund distribution: the July 2023 circular, two-category registration framework, eligibility, operational standards, integration with the RIA and MFD regimes, and impact on the post-2023 direct-plan distribution ecosystem.
- SEBI compliance audit for mutual funds
Encyclopedic reference on the SEBI compliance audit framework for mutual fund asset management companies (AMCs) in India. Covers the statutory basis under Section 11 and Section 11B of the SEBI Act 1992 and Regulations 43 and 44 of the SEBI Mutual Funds Regulations 1996, the types of compliance audits (routine inspection, thematic inspection, forensic inspection, internal compliance audit), the audit scope covering investment restrictions, expense-ratio compliance, KYC/AML, fund-manager conflict-of-interest, NAV computation, valuation practices, and the post-Franklin-Templeton-2020 thematic-inspection focus areas.
- Scheme Information Document for Indian mutual funds
Encyclopedic reference on the Scheme Information Document (SID): regulatory basis, mandatory content, NFO filing process, SID-SAI-KIM relationship, riskometer disclosure, update obligations, and recent SEBI amendments.
- Rukun Tarachandani
Encyclopedic biographical reference on Rukun Tarachandani, Executive Vice President and Fund Manager (Equity) at PPFAS Asset Management Private Limited, the AMC of PPFAS Mutual Fund. Covers his B.Tech in Information Technology, PGPM in Finance, CFA Charterholder and Certificate in Quantitative Finance (CQF) credentials, his 2013 entry into Goldman Sachs Global Investment Research, his Kotak Mahindra AMC small and midcap research stint, his March 2021 joining of PPFAS and his named co-fund manager role across multiple PPFAS schemes.
- Riskometer framework for Indian mutual funds
Encyclopedic reference on the SEBI riskometer for Indian mutual funds: the 2013 introduction, the 2020 portfolio-based six-level revision, Product Risk Value methodology, monthly update obligation, benchmark riskometer, and enforcement.
- Raunak Onkar Public Engagement and Research Output
Encyclopedic reference on the public engagement and research output of Raunak Onkar, Head of Research and co-fund manager of the Parag Parikh Flexi Cap Fund at PPFAS Mutual Fund. Covers his sectoral research coverage of Technology, Pharma and Media, his conference speaking, his factsheet and presentation commentary, and his role at the Annual Unitholders' Meet as the research voice of the AMC.