Guides
A growing collection of how-to guides and reference notes.
- IPCA Laboratories at PPFCF
IPCA Laboratories Limited has been a periodic pharmaceutical mid-cap holding of the Parag Parikh Flexi Cap Fund (PPFCF). The position reflects the PPFAS thesis on generics, branded formulations and specialty therapy-area leadership, with disciplined valuation-driven entry. This article documents the thesis, the position history and the comparison with peer holdings.
- Intrinsic value estimation methodology at PPFAS
Encyclopedic reference on the intrinsic value estimation methodology used at PPFAS Mutual Fund. Covers discounted cash flow analysis, multiple cross-checks, asset-based valuation, reverse DCF for growth situations, and the documented investment process applied across the Parag Parikh Flexi Cap Fund and the broader scheme range. Explains the foundation in Graham and Dodd, the Buffett owner-earnings extension, and the operational implementation at PPFAS through the research team led by Raunak Onkar.
- International diversification at PPFAS
Encyclopedic reference on the international diversification doctrine of PPFAS Mutual Fund, the distinctive investment-philosophy provision permitting the Parag Parikh Flexi Cap Fund and the Parag Parikh ELSS Tax Saver Fund to allocate up to 35 per cent of corpus to overseas equity. Covers the structural rationale (exposure to global mega-cap businesses unavailable on Indian exchanges, currency diversification, value-investing universality), the foreign core holdings (Alphabet, Microsoft, Amazon, Meta Platforms, historic Berkshire Hathaway), the 65 per cent Indian-equity threshold required to maintain equity-oriented tax treatment, the operational implications of the SEBI MF overseas investment cap (the 2 February 2022 to 17 June 2022 suspension cycle), the post-cap decline in PPFCF foreign exposure from approximately 28 per cent to 11-16 per cent, the comparison with international fund-of-funds alternatives, and the role as the single most-searched distinguishing feature of PPFAS investment philosophy.
- Infosys at PPFCF
Infosys 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 business-quality, strong cash generation and cyclical valuation-driven entry points. This article documents the thesis, the position history and the comparison with peer holdings.
- INDmoney
Encyclopedic reference on INDmoney: the Indian wealth-aggregation and direct-plan mutual fund platform, founded 2019 by Ashish Kashyap, with portfolio consolidation across mutual funds, equities, NPS, EPFO, insurance, US equities, and the INDwealth premium advisory tier.
- Indian Clearing Corporation Limited (ICCL)
Encyclopedic reference on the Indian Clearing Corporation Limited (ICCL), the central counterparty and clearing corporation for transactions on the Bombay Stock Exchange. Covers the December 2007 incorporation, the Qualified Central Counterparty (QCCP) recognition under the SEBI framework, the novation and multilateral-netting mechanism, the Core Settlement Guarantee Fund, the risk-management architecture (margins, position limits, mark-to-market), the T+1 settlement migration completed in January 2023, and the parallel role to NSE Clearing in the Indian securities-market infrastructure.
- Income tax in India
Encyclopedic reference on income tax in India: the Income Tax Act, 1961, the five heads of income, slab structure under the default and old regimes, tax administration through the CBDT, return filing, tax administration digitalisation, and the post-Finance Act 2024 regime.
- Immediate Payment Service (IMPS)
Encyclopedic reference on the Immediate Payment Service (IMPS), the NPCI-operated 24x7x365 real-time inter-bank funds-transfer rail in India. Covers the November 2010 launch by NPCI, the principal addressing identifiers (mobile-MMID, IFSC-account-number, Aadhaar-AePS), the transaction limits and Reserve Bank of India regulatory framework, the integration with mutual-fund redemption flows and broker funds-transfer workflows, the comparison with NEFT, RTGS, and UPI, and the role in the broader Indian retail-payment ecosystem.
- ICRA at PPFCF
Encyclopedic reference on ICRA Limited as a periodic holding in the Parag Parikh Flexi Cap Fund (PPFCF) portfolio. Covers the credit-rating-agency specialty-financial-services thesis underlying the investment, the structural moats of the Indian credit-rating industry (CRISIL, ICRA, CARE oligopoly), the regulatory protection under the SEBI Credit Rating Agencies Regulations 1999, the Moody's parent-affiliation that supports ICRA's positioning, the periodic appearance in PPFCF factsheets across multiple years, and the comparison with CRISIL competitor as the alternative Indian credit-rating-agency investment.
- ICICI Bank at PPFCF
ICICI Bank Limited has been a long-running domestic holding of the Parag Parikh Flexi Cap Fund, complementary to the HDFC Bank position within the banking-sector thesis. PPFAS Mutual Fund built the position over multiple cycles, reflecting the post-2018 ICICI turnaround under Sandeep Bakhshi and the bank's improving asset quality and return on assets. This article documents ICICI Bank's role in PPFCF, the investment thesis articulated by Rajeev Thakkar and the team, position history, and recent factsheet positioning.
- History of PPFAS (1979 to present)
Encyclopedic narrative history of Parag Parikh Financial Advisory Services and PPFAS Mutual Fund from the 1979 founding of the broking practice by Parag Parikh through the 1992 incorporation, 1996 Cognito PMS, 2011 AMC incorporation, 2012 mutual fund set up, 2013 launch of the Parag Parikh Long Term Value Fund (now Parag Parikh Flexi Cap Fund), the May 2015 death of the founder and the succession of Neil Parag Parikh, the 2017 to 2024 expansion of the scheme range, and the May 2025 crossing of Rs 1 lakh crore in AUM by the flagship scheme.
- HDFC Bank at PPFCF
HDFC Bank Limited has been a long-running domestic anchor of the Parag Parikh Flexi Cap Fund and emerged as the top equity holding in the April 2026 factsheet at 7.94 per cent of net assets. PPFAS Mutual Fund built the position over multiple cycles, reflecting the banking-sector thesis articulated by Rajeev Thakkar and the team. This article documents HDFC Bank's role in PPFCF, the investment thesis, position history including the merger with HDFC Limited in July 2023, and recent factsheet positioning.
- HCL Technologies at PPFCF
HCL Technologies Limited has been a periodic Indian-IT-services holding of the Parag Parikh Flexi Cap Fund (PPFCF). The position reflects the PPFAS thesis on the mid-tier Indian IT services franchise, anchored in infrastructure-heavy mix, products and platforms (HCLSoftware) and disciplined valuation-driven entry. This article documents the thesis, the position history and the comparison with peer holdings.
- Groww
Encyclopedic reference on Groww: the Bengaluru-based direct-plan mutual fund distribution platform turned discount stockbroker, the largest broker by NSE-active client count, its founding, products, regulatory registrations, and role in the post-2013 direct-plan distribution ecosystem.
- Grandfathering rule for LTCG on listed equity
Encyclopedic reference on the LTCG grandfathering rule under Section 55(2)(ac) of the Income Tax Act, 1961: the 31 January 2018 fair-market-value substitution, computation method, worked examples, applicability conditions, ITR Schedule 112A reporting, and the post-2024 rate update.
- Futures and options taxation in India
Encyclopedic reference on the taxation of futures and options (F&O) in India: classification as non-speculative business income under Section 43(5)(d), turnover computation under ICAI guidance, tax audit thresholds under Section 44AB, presumptive option under Section 44AD, STT and stamp duty interaction, and reporting in ITR-3.
- Franklin Templeton winding-up of 2020
Encyclopedic reference on the April 2020 winding-up of six Franklin Templeton India debt mutual fund schemes: background, the closure decision, judicial proceedings through the Supreme Court, asset recovery, SEBI enforcement orders, and the consequential post-2020 debt-fund regulatory reforms.
- Foreign Portfolio Investor (FPI)
Encyclopedic reference on the Foreign Portfolio Investor (FPI) framework, the principal SEBI regulatory category for offshore institutional investors in Indian securities markets. Covers the SEBI (Foreign Portfolio Investors) Regulations 2019 (replacing the 2014 framework and the earlier separate FII and QFI regimes), the three FPI categories (Category I, II), the registration process through Designated Depository Participants, the investment-permitted instruments and limits, the tax treatment (including Section 196D special rates and post-2024 amendments), the operational framework for custodian and clearing services, and the role in Indian equity and debt markets.
- Foreign Exchange Management Act (FEMA)
Encyclopedic reference on the Foreign Exchange Management Act, 1999 (FEMA), the principal Indian statute regulating cross-border foreign-exchange transactions and the broader external-sector framework. Covers the 1 June 2000 commencement replacing the Foreign Exchange Regulation Act 1973, the structural shift from regulation to management, the current-account vs capital-account transaction distinction, the principal regulatory bodies (RBI, Directorate of Enforcement), the framework for non-resident investment (NRE, NRO, FCNR accounts), the Liberalised Remittance Scheme for outward remittance, and the interaction with the SEBI framework for foreign portfolio investment in Indian securities.
- Focused portfolio approach at PPFAS
Encyclopedic reference on the focused portfolio approach at PPFAS Mutual Fund. Explains the 25 to 37 stock portfolio construction at the Parag Parikh Flexi Cap Fund, the principle of material contribution, conviction-based weighting, the capacity-versus-concentration debate, and the comparison with typical Indian flexi-cap funds holding 50 to 80 stocks. Covers the foundation in Charlie Munger's circle-of-competence framework, the Buffett-Munger focused-investing tradition, and recent debates.
- Flexi Cap mutual fund in India
Encyclopedic reference on the Flexi Cap equity mutual fund category in India: SEBI November 2020 creation, no market-cap minimum requirement, comparison with Multi Cap and other equity categories, portfolio construction approaches, taxation, exemplar schemes.
- ET Money
Encyclopedic reference on ET Money: the Times Internet-owned direct-plan mutual fund and personal-finance platform, its origins from a personal-finance tracker, regulatory status as a SEBI investment adviser, product range including the ET Money Genius subscription, and competitive position.
- Equity culture advocacy at PPFAS
Encyclopedic reference on the equity culture advocacy programmes operated by PPFAS Mutual Fund. Covers the Investor Education Programmes, the Financial Opportunities Forum content platform at ppfasfof.com, the PPFAS YouTube channel, the webinars and educational events, the public appearances by Rajeev Thakkar, Raunak Onkar and Neil Parikh, the engagement with personal-finance content creators and the broader role of PPFAS in the development of the Indian equity culture from the founding period through to the 2026 mass-market mutual-fund adoption.
- Direct plan adoption in India
Encyclopedic reference on the trajectory of direct-plan mutual fund adoption in India since the SEBI January 2013 mandate: regulatory history, TER differential, three-phase adoption trajectory, investor-base composition, distribution-ecosystem impact, EOP framework integration, and the post-50-per-cent milestone of late 2025.
- Contrarian investing at PPFAS
Encyclopedic reference on contrarian investing as practised at PPFAS Mutual Fund. Explains the willingness to buy when market sentiment is negative, to hold positions through extended underperformance against the benchmark, and to build positions in temporarily distressed but fundamentally sound businesses. Covers the foundation in Benjamin Graham, Warren Buffett, Howard Marks, and David Dreman, application across the Parag Parikh Flexi Cap Fund, and the PSU contrarian build of 2018 to 2022 as a detailed case study.
- Computer Age Management Services
Encyclopedic reference on Computer Age Management Services (CAMS): NSE-listed mutual fund registrar and transfer agent, half of the Indian RTA duopoly with KFin Technologies, operator of myCAMS, and joint operator of MF Central and MITRA.
- Commodity Transaction Tax (CTT)
Encyclopedic reference on the Commodity Transaction Tax (CTT) levied on non-agricultural commodity derivative transactions on recognised commodity derivative exchanges in India. Covers the introduction by the Finance Act 2013, the operative rates under Chapter VII of the Finance Act 2013, the list of exempted agricultural commodities, the collection and remittance framework through stock brokers, the deductibility as a business expense under Section 36 read with Section 28 of the Income Tax Act, the interaction with the non-speculative classification under Section 43(5)(e), and the post-2015 merger of the Forward Markets Commission with SEBI.
- Coal India at PPFCF
Coal India Limited has become a top-three equity holding of the Parag Parikh Flexi Cap Fund (PPFCF), at 5.95 per cent of net assets in the April 2026 factsheet. The position illustrates the PPFAS contrarian-investing doctrine applied to public-sector undertakings, with a thesis built around the coal-mining monopoly, high dividend yield and ESG-related contrarian positioning. This article documents the thesis, the position history and the comparison with peer holdings.
- Cipla at PPFCF
Cipla Limited has been a periodic pharmaceutical holding of the Parag Parikh Flexi Cap Fund (PPFCF). The position reflects the PPFAS thesis on the Indian pharma franchise, anchored in respiratory leadership, US generics scale and disciplined valuation-driven entry. This article documents the thesis, the position history and the comparison with peer holdings.
- Cash holdings as portfolio tool at PPFAS
Encyclopedic reference on the willingness of PPFAS Mutual Fund to hold material cash positions in the Parag Parikh Flexi Cap Fund when valuations are uncompelling. Covers the rationale (capital preservation, optionality, behavioural-finance consistency), the 18 to 25 per cent cash positioning during 2024 to 2026, the May 2026 Rajeev Thakkar commentary in Business Today defending the cash discipline after a 10 per cent market correction, and comparison with the near-fully-invested positioning at peer Indian flexi-cap funds.