Guides
A growing collection of how-to guides and reference notes.
- Parag Parikh Arbitrage Fund
Encyclopedic reference on the Parag Parikh Arbitrage Fund, the open-ended arbitrage scheme of PPFAS Mutual Fund launched on 27 October 2023 after a 23 to 27 October 2023 NFO. Covers the cash-futures arbitrage mechanism, the Nifty 50 Arbitrage TRI benchmark, the AUM of approximately Rs 2,059 crore by mid-2026, the equity-equivalent tax treatment under Section 112A and Section 111A despite low net equity risk, the joint fund management by Rajeev Thakkar, Raunak Onkar, Raj Mehta and Rukun Tarachandani, the PPFAS CashFlex companion app, and the comparison with peer arbitrage funds and the liquid-fund alternative.
- Parag Parikh
Encyclopedic biographical reference on Parag Parikh (1954-2015), Indian value-investor, founder of Parag Parikh Financial Advisory Services Limited (PPFAS) in 1979, founder of PPFAS Asset Management Private Limited (PPFAS Mutual Fund) in 2011-2013, author of Stocks to Riches (2005) and Value Investing and Behavioral Finance (2009), and one of the principal early Indian advocates of long-term value investing and behavioural finance. Covers his Sydenham College education, the 1979 founding of the broking and advisory firm at age 25, the 1992 incorporation as PPFAS Limited, the October 1996 Cognito Portfolio Management Service launch, the 2011 to 2013 transition into mutual fund management, the May 2013 launch of the Parag Parikh Long Term Value Fund (later PPFCF), his Berkshire Hathaway pilgrimage, and his death in the 3 May 2015 road accident in Omaha returning from his first Berkshire AGM.
- Owner-mindset doctrine at PPFAS
Encyclopedic reference on the owner-mindset doctrine as practised at PPFAS Mutual Fund. Explains the principle that equity ownership is fractional ownership of underlying businesses rather than trading in tradable tickers, the resulting long holding periods, volatility tolerance, management engagement, and avoidance of price-action-driven decisions. Covers the foundation in Benjamin Graham and Warren Buffett, application across the Parag Parikh Flexi Cap Fund and other schemes, and comparison with the broader Indian mutual fund industry.
- NSE Clearing Limited
Encyclopedic reference on NSE Clearing Limited (formerly the National Securities Clearing Corporation Limited or NSCCL), the central counterparty and clearing corporation for transactions on the National Stock Exchange of India. Covers the August 1996 incorporation, the Qualified Central Counterparty (QCCP) recognition under the SEBI framework, the multilateral netting and novation mechanism, the Settlement Guarantee Fund, the risk management architecture (margins, position limits, exposure limits, mark-to-market), the T+1 settlement migration completed in January 2023, and the role in the Indian securities-market infrastructure.
- Notable PPFAS exits
Encyclopedic reference on notable position exits from the Parag Parikh Flexi Cap Fund (PPFCF) portfolio over the years. Covers the principal reasons for PPFAS exits within the value-investing and behavioural-finance framework (valuation excess, fundamentals deterioration, capital reallocation, regulatory-driven adjustments), the structural pattern of below-25 per cent annual portfolio turnover that produces a relatively small number of exit events, periodic historic exits including Sundaram Finance and select technology-services and banking-sector exits, the post-2022 SEBI overseas-investment-cap-driven international-allocation adjustments, and the role of exit-discipline as a structural element of the broader PPFAS investment philosophy.
- Notable PPFAS Alumni
Encyclopedic reference on notable alumni of PPFAS Mutual Fund and the broader Parag Parikh franchise, including past fund managers, analysts and operational team members who have left the AMC or its sponsor Parag Parikh Financial Advisory Services Limited to take up positions elsewhere in the Indian mutual fund and asset management industry, the cultural-continuity context of the founder-led team built from 1979 onwards, the comparatively low turnover of senior team members relative to industry norms, and the broader Parikh-firm legacy spanning four decades of value-investing-aligned research and broking activity. Public-source information on individual alumni is comparatively limited, so this article serves as a general reference on team continuity and the broader alumni context rather than a comprehensive named list.
- NIFTY 50
Encyclopedic reference on the NIFTY 50, India's principal large-cap equity benchmark index calculated and disseminated by NSE Indices Limited (formerly IISL). Covers the April 1996 launch, the 3 November 1995 base date with base value 1000, the post-June 2009 free-float market-capitalisation methodology, the 50-constituent universe drawn from the NIFTY 100 with impact-cost liquidity filters, the semi-annual reconstitution cycle in March and September, the June 2000 derivative launch, and the role as the principal benchmark for large-cap equity mutual funds under the SEBI scheme rationalisation framework.
- Net Asset Value of an Indian mutual fund
Encyclopedic reference on the Net Asset Value (NAV) of Indian mutual funds: definition, regulatory basis, daily computation cycle, cut-off rules, plan and option variants, publication, and common misconceptions.
- Neil Parikh Public Speaking and Interviews
Encyclopedic reference on the public-speaking and interview activity of Neil Parag Parikh, Chairman and CEO of PPFAS Mutual Fund. Covers his hosting of the Annual Unitholders' Meet, press interviews, industry-conference participation, podcast appearances and his annual letter to unitholders, framed as a key component of the AMC's communications tradition.
- Neil Parikh
Encyclopedic biographical reference on Neil Parag Parikh, the Chairman and Chief Executive Officer of PPFAS Asset Management Private Limited (the AMC of PPFAS Mutual Fund), and the son of the late founder Parag Parikh. Covers his BA Economics from the University of North Carolina at Chapel Hill, his MBA from IESE Business School in Spain, his pre-AMC career across wealth management, research, institutional desk, marketing, operations, broking and key client management, his pivotal role in incorporating PPFAS Asset Management Private Limited in August 2011, his succession as Chairman and CEO following his father's death in the 3 May 2015 Omaha road accident, and his ongoing leadership of PPFAS Mutual Fund through the May 2025 milestone of the Parag Parikh Flexi Cap Fund crossing Rs 1 lakh crore in assets under management.
- NAV computation methodology for Indian mutual funds
Encyclopedic reference on the daily NAV computation methodology under SEBI MF Regulations and the Eighth Schedule: equity, debt, money market, and derivative valuation, accruals, fair-value adjustments, and reconciliation.
- Mutual Funds Sahi Hai
Encyclopedic reference on the AMFI Mutual Funds Sahi Hai investor education campaign: 2017 launch context, creative strategy, regional language expansion, AMC-contributed funding mechanism, measured impact on SIP and folio growth, governance and audit framework, and criticism.
- Mutual Fund Utility
Encyclopedic reference on Mutual Fund Utility (MFU): the AMFI-promoted, AMC-consortium-owned mutual fund transaction utility, its Common Account Number (CAN) architecture, distributor MFUONLINE portal, history since 2015, and role in the Indian mutual fund distribution ecosystem.
- Mutual fund
Encyclopedic landing reference on mutual funds in India: definition, legal structure, scheme categories, NAV mechanics, plan and option variants, distribution, taxation, investor rights, and industry oversight.
- Multi Commodity Exchange (MCX)
Encyclopedic reference on the Multi Commodity Exchange of India Limited (MCX), India's largest commodity derivatives exchange by trading volume. Covers the November 2003 commencement of operations, the post-2015 SEBI-FMC merger and unification of commodity-derivative regulation under SEBI, the principal contract specifications for bullion, energy, base metals, and other non-agricultural commodities, the Commodity Transaction Tax framework, the clearing and settlement infrastructure through MCX Clearing Corporation, and the role in the broader Indian financial-market ecosystem.
- Microsoft at PPFCF
Microsoft Corporation has been one of the most enduring foreign-equity holdings of the Parag Parikh Flexi Cap Fund. PPFAS Mutual Fund initiated the position during the early years of the scheme and held through the Satya Nadella transformation, the cloud-computing build-out and the artificial-intelligence cycle. This article documents Microsoft's role in PPFCF, the investment thesis articulated by Rajeev Thakkar and Raunak Onkar, position evolution including the February 2022 overseas-cap freeze, and recent factsheet positioning.
- MF Central
Encyclopedic reference on MF Central: the joint CAMS-KFin Technologies investor portal providing cross-RTA portfolio view, service requests, consolidated account statements, and MITRA integration for Indian mutual fund investors.
- Meta Platforms at PPFCF
Meta Platforms Inc., formerly known as Facebook, has been one of the four foreign-equity anchors of the Parag Parikh Flexi Cap Fund. PPFAS Mutual Fund initiated the position during the early years of the scheme when it was still Facebook Inc., and held through the corporate rebranding, the AR/VR investment cycle and the AI repositioning. This article documents Meta's role in PPFCF, the investment thesis articulated by Rajeev Thakkar and Raunak Onkar, position evolution including the February 2022 overseas-cap freeze, and recent factsheet positioning.
- Maruti Suzuki at PPFCF
Maruti Suzuki India Limited has been a periodic significant holding of the Parag Parikh Flexi Cap Fund (PPFCF). The position reflects the PPFAS thesis on India's largest passenger-vehicle manufacturer, anchored in market-share leadership, dealer-network scale and disciplined valuation-driven entry. This article documents the thesis, the position history and the comparison with peer holdings.
- Margin of safety doctrine at PPFAS
Encyclopedic reference on the margin of safety doctrine as applied at PPFAS Mutual Fund. Traces the principle from Benjamin Graham's Security Analysis and The Intelligent Investor, through Warren Buffett's Berkshire Hathaway articulation and Seth Klarman's 1991 monograph, and explains the quantitative discount discipline, qualitative business-quality assessment, and entry-point discipline applied across the Parag Parikh Flexi Cap Fund and the broader PPFAS scheme range. Covers worked examples, comparison with industry practice, and recent debates.
- Mansi Kariya
Encyclopedic biographical reference on Mansi Kariya, Co-Fund Manager (Debt) at PPFAS Asset Management Private Limited, the AMC of PPFAS Mutual Fund. Covers her B.Com (Hons) from Calcutta University, MS Finance from ICFAI University, CFA Charterholder credentials, her 2018 entry into PPFAS as a Debt Dealer, her progression through Credit Research Analyst to Co-Fund Manager and her named role across multiple PPFAS schemes.
- Mahindra and Mahindra at PPFCF
Mahindra and Mahindra Limited has been a periodic holding of the Parag Parikh Flexi Cap Fund (PPFCF), providing auto-sector and conglomerate exposure. The position illustrates the PPFAS approach to diversified conglomerate franchises, anchored in utility-vehicle and tractor leadership and a broader Mahindra group ecosystem. This article documents the thesis, the position history and the comparison with peer holdings.
- Low portfolio turnover discipline at PPFAS
Encyclopedic reference on the low portfolio turnover discipline at PPFAS Mutual Fund, the structural operational characteristic of the Parag Parikh Flexi Cap Fund and other PPFAS equity schemes where annual portfolio turnover is typically maintained substantially below the 25 per cent threshold. Covers the value-investing rationale for low turnover, the relationship with the broader tax-aware portfolio management doctrine, the transaction-cost reduction benefit, the long-term ownership orientation, the empirical PPFCF turnover record across multiple market cycles, the comparison with category-peer flexi-cap funds where turnover is typically substantially higher, and the structural implications for portfolio decision-making at substantial AUM scale.
- Kuvera
Encyclopedic reference on Kuvera: the SEBI-registered investment adviser and direct-plan mutual fund platform, its founding by ex-financial-services professionals, regulatory framework, product features, 2023 acquisition by Smallcase, and competitive position among Indian direct-plan platforms.
- Kotak Mahindra Bank at PPFCF
Kotak Mahindra Bank Limited has been a periodic significant banking holding of the Parag Parikh Flexi Cap Fund (PPFCF). The position reflects the PPFAS value-investing thesis on the private-sector-bank franchise, anchored in promoter-led management, conservative underwriting and disciplined valuation-driven entry. This article documents the thesis, the position history and the comparison with peer holdings.
- KFinKart portal
Encyclopedic reference on the KFinKart portal, the investor-facing and distributor-facing customer-service portal operated by KFin Technologies Limited for mutual fund folio access, transactions, and account-statements across KFin-serviced asset management companies. Covers the Karvy-Fintech-to-KFin-Technologies rebranding history, the portal's evolution alongside the broader KFin Technologies RTA infrastructure, the AMC coverage (Nippon, Kotak, ABSL, UTI, Bandhan, and others), the transaction-execution workflow, the comparison with CAMS Online and MF Central, the regulatory framework, and the strategic positioning in the Indian mutual-fund-investor ecosystem.
- KFin Technologies
Encyclopedic reference on KFin Technologies Limited: NSE-listed registrar and transfer agent, mutual fund RTA duopoly partner with CAMS, IPO allotment processor, NPS CRA, and capital markets infrastructure provider.
- Key Information Memorandum for Indian mutual funds
Encyclopedic reference on the Key Information Memorandum (KIM): the standardised point-of-sale summary document for every Indian mutual fund scheme, its mandatory content, regulatory anchor, distribution channels, and relationship to the SID and SAI.
- Karvy Stock Broking
Encyclopedic reference on Karvy Stock Broking Limited: the November 2019 SEBI enforcement action for unauthorised pledging of approximately Rs 2,000 crore of client securities, regulatory proceedings, industry impact on broker-DP-RTA function segregation, and the consequential rebranding of Karvy Fintech to KFin Technologies.
- ITC at PPFCF
ITC Limited has been one of the most consequential domestic equity holdings of the Parag Parikh Flexi Cap Fund (PPFCF). During one disclosure period in 2025 ITC was the second-largest holding at 7.99 per cent of net assets, behind Amazon and ahead of Alphabet. This article documents the contrarian-build thesis articulated by PPFAS Mutual Fund during a period of consumer-staples underperformance, the FMCG and cigarettes diversification angle, and ITC's continued role through subsequent factsheet cycles.