PPFAS Scheme Launch Timeline 2013 to 2026
The PPFAS scheme launch timeline from 2013 to 2026 denotes the chronological sequence in which the open-ended mutual fund schemes of PPFAS Mutual Fund were launched, renamed and re-categorised between 24 May 2013 and 4 February 2026. It is a reference chronology that sets out the launch date and original product name of each of the seven schemes presently managed by PPFAS Asset Management Private Limited , the regulatory context under which two of those schemes were renamed under the SEBI scheme rationalisation circular 2017 , and the comparative category positioning at the time of each launch.
The timeline is anchored by the launch of the flagship equity scheme on 24 May 2013 as Parag Parikh Long Term Value Fund (PPLTVF), which was subsequently renamed to Parag Parikh Long Term Equity Fund (PPLTEF) on 16 February 2018 and then to Parag Parikh Flexi Cap Fund (PPFCF) on 13 January 2021 under the new Flexi Cap category introduced by SEBI . Subsequent additions were Parag Parikh Liquid Fund on 9 May 2018, Parag Parikh ELSS Tax Saver Fund on 4 July 2019, Parag Parikh Conservative Hybrid Fund on 28 May 2021 (NFO 7 to 21 May 2021), Parag Parikh Arbitrage Fund on 27 October 2023, Parag Parikh Dynamic Asset Allocation Fund on 22 February 2024, and the most recent Parag Parikh Large Cap Fund on 4 February 2026 (NFO 19 to 30 January 2026).
The launch cadence of one scheme every two to three years is materially slower than the industry norm in Indian mutual funds, reflecting the PPFAS investment philosophy and the PPFAS stance on not chasing AUM articulated by founder Parag Parikh and continued by Chairman and CEO Neil Parag Parikh . The AMC has consistently declined to enter sectoral, thematic or close-ended categories, a position explored under why PPFAS does not run sectoral, thematic, close-ended or SIF schemes .
This article is the principal chronological reference on PPFAS scheme launches. Related references include PPLTVF, PPLTEF and PPFCF rename history , PPFCF AUM trajectory , PPFAS history from 1979 to present and the dedicated scheme-level references for each of the seven active schemes.
Pre-launch context
Before turning to the chronology, three pre-launch events frame the entire timeline:
- 8 August 2011: Incorporation of PPFAS Asset Management Private Limited under the Companies Act, 1956. This is the operating AMC and the SEBI-registered investment manager for the mutual fund trust.
- 10 October 2012: Set-up of PPFAS Mutual Fund as an Indian Trust under the SEBI Mutual Funds Regulations, 1996 . SEBI Registration ID MF/069/12/01. The sponsor is Parag Parikh Financial Advisory Services Limited , incorporated 12 December 1992. The trustee is PPFAS Trustee Company Private Limited , incorporated in 2011.
- 24 December 2012 to 21 May 2013: Approval of the Statement of Additional Information, the Scheme Information Document and the Key Information Memorandum of the first scheme by the trustee and by SEBI under the SEBI MF disclosure framework , in preparation for the New Fund Offer of Parag Parikh Long Term Value Fund.
The first scheme NFO opened approximately twenty months after the AMC’s incorporation, an unusually long lead time by industry standards, reflecting the deliberate pace adopted by the founder and the founding team led by Chief Investment Officer Rajeev Thakkar and Head of Research Raunak Onkar .
24 May 2013: Parag Parikh Long Term Value Fund (PPLTVF)
The first scheme of PPFAS Mutual Fund was launched as Parag Parikh Long Term Value Fund (PPLTVF) with allotment on 24 May 2013. PPLTVF was structured as an open-ended equity scheme investing across market capitalisations with a mandate to invest up to 35 per cent of net assets in foreign-listed equity, subject to a minimum 65 per cent allocation to Indian equity. The scheme retained the equity-oriented mutual fund tax status under Indian tax law and qualified for the Section 112A treatment available to long-term capital gains on equity-oriented schemes.
The NFO of PPLTVF opened in April 2013 and closed in mid-May 2013. The scheme was managed by Rajeev Thakkar as Chief Investment Officer, with Raunak Onkar as co-fund manager and Raj Mehta (later joining in 2012) as overseas allocation co-manager. The benchmark at launch was the BSE 500 Total Return Index, later revised under SEBI benchmark norms to the Nifty 500 TRI.
PPLTVF was promoted as a structurally distinctive flexi cap mutual fund India entrant well before the dedicated Flexi Cap category was created, because of its three structural features: international diversification, focused-portfolio construction (typically 25 to 35 stocks) and willingness to hold material cash when valuations were unattractive. These three features have been retained through the subsequent renames and remain the structural signature of PPFCF today.
9 May 2018: Parag Parikh Liquid Fund
The second scheme of PPFAS Mutual Fund, the Parag Parikh Liquid Fund , was launched on 9 May 2018, almost exactly five years after the launch of PPLTVF. The scheme is an open-ended liquid mutual fund India category scheme investing in money market and debt instruments with a residual maturity of up to 91 days, benchmarked against the CRISIL Liquid Debt B-I Index.
The launch of the liquid fund served three strategic purposes for the AMC. First, it gave existing PPLTEF investors a short-tenor cash-management vehicle within the PPFAS Mutual Fund family for parking redemption proceeds and SIP holding amounts. Second, it provided a vehicle for Systematic Transfer Plans (STPs) into the equity scheme from a same-AMC source. Third, it gave the AMC an entry into the debt-fund competence area, with debt fund management led by Raj Mehta and later expanded with the joining of Mansi Kariya in 2018 as Debt Dealer.
The Liquid Fund is currently managed by Tejas Soman , Aishwarya Dhar and Mansi Kariya as a co-fund-manager triumvirate, and uses a high-grade, short-duration approach aligned with the broader PPFAS investment philosophy of risk-conscious, low-turnover management.
16 February 2018: PPLTVF renamed PPLTEF
Between the launch of PPLTVF in May 2013 and the launch of the Liquid Fund in May 2018, the most important event in the PPFAS scheme timeline was the renaming of PPLTVF to Parag Parikh Long Term Equity Fund (PPLTEF), effective 16 February 2018. This rename was a direct consequence of the SEBI scheme rationalisation circular 2017 issued in October 2017, which mandated a standardised set of mutual fund scheme categories and required each AMC to map its existing schemes to the new categories with at most one open-ended scheme per equity category.
The 2017 circular created five equity-category buckets: Large Cap, Large and Mid Cap, Multi Cap, Mid Cap and Small Cap. The “Multi Cap Fund” category was defined as an open-ended scheme investing across large-cap, mid-cap and small-cap stocks with no minimum allocation to any single capitalisation bucket. PPFAS elected to retain a single equity scheme and migrated PPLTVF to the Multi Cap Fund category, simultaneously renaming the scheme to “Parag Parikh Long Term Equity Fund” with the marketing tagline emphasising long-term equity investing.
Under the rename, the scheme’s investment process, manager line-up and structural distinctives were preserved. Only the legal name and the category label changed. The fund retained the up-to-35-per-cent overseas allocation flexibility, the focused portfolio construction and the cash holdings discretion. The rename was communicated through a formal addendum to the Scheme Information Document and the Key Information Memorandum , and was filed with SEBI under the prescribed Form 11.
4 July 2019: Parag Parikh ELSS Tax Saver Fund
The third scheme of PPFAS Mutual Fund, the Parag Parikh ELSS Tax Saver Fund , was launched on 4 July 2019. Originally branded as Parag Parikh Tax Saver Fund, the scheme is an open-ended ELSS mutual fund India category equity-linked savings scheme with a statutory three-year lock-in and Section 80C deduction eligibility up to Rs 1.50 lakh per financial year under the old tax regime. The scheme was later re-branded as the “Parag Parikh ELSS Tax Saver Fund” under AMFI’s standardised category-naming guidance.
The ELSS Tax Saver Fund follows the same investment philosophy as PPFCF, including the international diversification mandate up to 35 per cent and the focused-portfolio construction, but is differentiated by the mandatory three-year lock-in on each unit from the date of allotment. The fund was launched into a tax-advantaged investor segment dominated by mature peer schemes such as Axis Long Term Equity Fund, Mirae Asset Tax Saver Fund and ICICI Prudential Long Term Equity Fund.
The lead fund managers at launch were Rajeev Thakkar and Raunak Onkar with Raj Mehta as overseas allocation co-manager. As of April 2026 the fund’s AUM had grown to approximately Rs 5,260.64 crore, a modest size relative to PPFCF but consistent with the AMC’s stance on not chasing AUM .
13 January 2021: PPLTEF renamed PPFCF
The next major event in the timeline is the second rename of the flagship equity scheme, this time from PPLTEF to Parag Parikh Flexi Cap Fund (PPFCF), effective 13 January 2021. This rename followed the introduction by SEBI in November 2020 of a new “Flexi Cap Fund” equity category, which permitted open-ended schemes investing across market caps with no minimum allocation to any single capitalisation bucket. The pre-existing Multi Cap category was simultaneously redefined to require a minimum 25 per cent allocation to each of large-cap, mid-cap and small-cap, which would have constrained PPFAS’s flexible capital allocation.
PPFAS migrated PPLTEF to the new Flexi Cap category and renamed the scheme to the present “Parag Parikh Flexi Cap Fund”. The rename was communicated through a formal SID addendum and represented a return to the structural flexibility that the original PPLTVF had enjoyed pre-2018. The investor experience was unaffected: the scheme code, NAV continuity, holdings, manager line-up and structural distinctives all remained unchanged.
The PPLTVF, PPLTEF and PPFCF rename history is documented in detail at PPLTVF, PPLTEF and PPFCF rename history .
28 May 2021: Parag Parikh Conservative Hybrid Fund
The fourth scheme, the Parag Parikh Conservative Hybrid Fund , was launched on 28 May 2021 following an NFO that ran from 7 May 2021 to 21 May 2021. The scheme is an open-ended hybrid mutual fund classified under the SEBI Conservative Hybrid Fund category, with 10 to 25 per cent equity exposure and the balance in debt and money-market instruments. The benchmark is the CRISIL Hybrid 85+15 Conservative Index TRI.
The Conservative Hybrid Fund was launched into a category dominated by SBI Conservative Hybrid Fund and ICICI Prudential Regular Savings Fund, and was positioned for the conservative end of the investor cohort, including retirees and investors with a low-volatility preference. At launch it was managed by Rajeev Thakkar, Raunak Onkar and Raj Mehta. As of mid-2026 the scheme remains modestly sized relative to PPFCF, in line with the AMC’s stance on AUM growth.
27 October 2023: Parag Parikh Arbitrage Fund
The fifth scheme, the Parag Parikh Arbitrage Fund , was launched on 27 October 2023 following an NFO that ran from 23 to 27 October 2023. The scheme is an open-ended arbitrage mutual fund India category scheme that takes simultaneous long-spot and short-futures positions in equity stocks to capture the cash-futures basis, with a residual debt allocation in money-market instruments. The benchmark is the Nifty 50 Arbitrage Index TRI.
The Arbitrage Fund is the first PPFAS scheme to explicitly use derivatives as part of its core strategy, in contrast to the equity-fund stance of avoiding directional derivatives. The use of derivatives for arbitrage is structurally different from directional positioning because the long-cash and short-futures legs are matched, producing a near-risk-free return profile that approximates short-term debt instrument yields with the tax-treatment advantages of an equity-oriented mutual fund scheme. The fund is taxed as an equity-oriented scheme under Section 111A and Section 112A of the Income Tax Act, 1961.
The fund was launched with management by Rajeev Thakkar, Raunak Onkar, Raj Mehta and Rukun Tarachandani . As of mid-2026 the fund’s AUM was approximately Rs 2,059 crore. The taxation of the fund is covered separately at PPFAS Arbitrage Fund taxation .
22 February 2024: Parag Parikh Dynamic Asset Allocation Fund (DAAF)
The sixth scheme, the Parag Parikh Dynamic Asset Allocation Fund (DAAF) , was launched on 22 February 2024 following an NFO that ran from 20 to 22 February 2024. The scheme is an open-ended dynamic asset allocation hybrid scheme in the SEBI Dynamic Asset Allocation or Balanced Advantage Fund category, with the manager free to vary equity exposure between 0 per cent and 100 per cent of net assets based on an internal valuation-aware model. The benchmark is the CRISIL Hybrid 50+50 Moderate Index.
The DAAF was launched into a fast-growing category that already housed HDFC Balanced Advantage Fund, ICICI Prudential Balanced Advantage Fund, Nippon India Balanced Advantage Fund and Edelweiss Balanced Advantage Fund among others. PPFAS positioned DAAF as a valuation-aware, contrarian-leaning alternative to the volatility-targeting and risk-parity-style models used by peers. At launch the fund was co-managed by Rajeev Thakkar, Raunak Onkar, Raj Mehta, Rukun Tarachandani and Mansi Kariya.
4 February 2026: Parag Parikh Large Cap Fund
The seventh and most recent scheme, the Parag Parikh Large Cap Fund (PPLCF) , was launched on 4 February 2026 following an NFO that ran from 19 January 2026 to 30 January 2026. Continuous purchase reopened on 6 February 2026. The scheme is an open-ended equity scheme of the SEBI Large Cap Fund category, with a minimum 80 per cent allocation to the top 100 listed Indian companies by full market capitalisation. The benchmark is the Nifty 100 Total Return Index.
The Large Cap Fund is the first PPFAS scheme launched in the SEBI Large Cap category and notably the first PPFAS equity scheme without an explicit overseas-allocation mandate (other than the residual flexibility permitted under the SID). The fund is managed by Rajeev Thakkar, Raunak Onkar, Raj Mehta, Rukun Tarachandani, Tejas Soman and Aishwarya Dhar, drawing on the entire equity and debt team.
The launch decision was preceded by extensive internal debate documented in the Chairman’s letter from Neil Parikh and the annual unitholders’ meet , and was framed as a response to retail-investor demand for a defensive, large-cap-only PPFAS product, complementing PPFCF.
Comparative cadence and category coverage
The full launch cadence is summarised below for chronological reference:
| Year | Date | Scheme | Category |
|---|---|---|---|
| 2013 | 24 May | PPLTVF (later PPFCF) | Equity (Flexi Cap from 2021) |
| 2018 | 9 May | Parag Parikh Liquid Fund | Liquid |
| 2018 | 16 February | PPLTVF renamed to PPLTEF | Multi Cap |
| 2019 | 4 July | Parag Parikh ELSS Tax Saver Fund | ELSS |
| 2021 | 13 January | PPLTEF renamed to PPFCF | Flexi Cap |
| 2021 | 28 May | Parag Parikh Conservative Hybrid Fund | Conservative Hybrid |
| 2023 | 27 October | Parag Parikh Arbitrage Fund | Arbitrage |
| 2024 | 22 February | Parag Parikh DAAF | Dynamic Asset Allocation |
| 2026 | 4 February | Parag Parikh Large Cap Fund | Large Cap |
The cadence reflects roughly one scheme every two to three years across the equity and hybrid spectrum, with no entry into sectoral, thematic, close-ended, SIF , index fund , ETF , gold-fund or international-fund-of-fund categories. The rationale is set out in why PPFAS does not run sectoral, thematic, close-ended or SIF schemes .
Recent developments
The most recent two events on the timeline are the launch of the Large Cap Fund on 4 February 2026 and the opening of the Borivali (West) Investor Service Centre on 19 February 2026, the thirteenth city in the PPFAS branch network. As of the publication date of this article, the AMC has not announced any further scheme launches in 2026 or 2027, although the PPFAS annual unitholders’ meet held on 22 November 2025 indicated that the team was evaluating additional categories. The AMC has consistently declined to enter index-fund and ETF passive categories, and has indicated no intention of launching a specialised investment fund (SIF), citing the high minimum-investment thresholds inconsistent with the retail-investor focus of the franchise.
The PPFAS launch timeline can usefully be contrasted with that of similarly conservative peers in the Indian mutual fund industry. Quantum Mutual Fund , incorporated in 2005, has launched roughly thirteen open-ended schemes across equity, debt, gold and ELSS over two decades, again with a deliberately slow cadence. Quant Mutual Fund , in contrast, has launched a much larger and more thematic catalogue. The PPFAS approach sits at the conservative end of the cadence spectrum within the mutual fund industry in India .
See also
- PPFAS Mutual Fund
- PPFAS Asset Management Private Limited
- Parag Parikh Financial Advisory Services Limited
- PPFAS Trustee Company Private Limited
- Parag Parikh Flexi Cap Fund
- Parag Parikh Liquid Fund
- Parag Parikh ELSS Tax Saver Fund
- Parag Parikh Conservative Hybrid Fund
- Parag Parikh Arbitrage Fund
- Parag Parikh Dynamic Asset Allocation Fund
- Parag Parikh Large Cap Fund
- PPLTVF, PPLTEF and PPFCF rename history
- PPFCF AUM trajectory
- PPFAS history from 1979 to present
- PPFAS investment philosophy
- PPFAS stance on not chasing AUM
- PPFAS sponsor commitment and skin in the game
- Parag Parikh
- Neil Parikh
- Rajeev Thakkar
- Raunak Onkar
- Raj Mehta
- Rukun Tarachandani
- Mansi Kariya
- Tejas Soman
- Aishwarya Dhar
- SEBI Mutual Funds Regulations 1996
- SEBI scheme rationalisation circular 2017
- SEBI MF overseas investment cap
- Flexi cap mutual fund India
- ELSS mutual fund India
- Liquid mutual fund India
- Arbitrage mutual fund India
- Mutual fund
- Mutual fund industry in India
- Why PPFAS does not run sectoral, thematic, close-ended or SIF schemes
- AMFI Association of Mutual Funds in India
External references
- PPFAS Mutual Fund schemes page: amc.ppfas.com/schemes
- PPFAS scheme name change page: amc.ppfas.com/schemes/scheme-name-change
- PPFAS Mutual Fund main site: amc.ppfas.com
- Sponsor PPFAS Limited site: www.ppfas.com
- AMFI member registry: www.amfiindia.com
- SEBI mutual fund regulations: www.sebi.gov.in
- Large Cap Fund KIM: amc.ppfas.com/pplcf
References
- PPFAS AMC. “Scheme Name Change.” amc.ppfas.com.
- PPFAS AMC. “Parag Parikh Liquid Fund.” amc.ppfas.com.
- PPFAS AMC. “Parag Parikh ELSS Tax Saver Fund.” amc.ppfas.com.
- PPFAS AMC. “Parag Parikh Conservative Hybrid Fund NFO Centre.” amc.ppfas.com.
- Cafemutual. “PPFAS MF launches its Arbitrage Fund,” October 2023.
- BusinessToday. “New Fund Offer: PPFAS MF launches Dynamic Asset Allocation Fund,” 20 February 2024.
- PPFAS AMC. “Key Information Memorandum: Parag Parikh Large Cap Fund,” January 2026.
- SEBI. “Categorisation and Rationalisation of Mutual Fund Schemes,” Circular SEBI/HO/IMD/DF3/CIR/P/2017/114, 6 October 2017.
- Sify Finance. “Parikh Long Term Equity Fund is now Parag Parikh Flexi Cap Fund,” January 2021.
- AMFI. “Member Page: PPFAS Mutual Fund.” amfiindia.com/member/64.