PPFAS TER History per Scheme
The TER history per scheme of PPFAS Mutual Fund denotes the time series of total expense ratio (TER) values reported by each of the seven active schemes managed by PPFAS Asset Management Private Limited, broken down by Direct Plan and Regular Plan, from the launch date of each scheme through to May 2026. The TER is the headline annual cost charged to the unit-holders of an open-ended mutual fund scheme and includes the AMC’s investment management fee, the trustee fee, the custodian and registrar fees, and (in the Regular Plan only) the distributor trail commission. It is capped industry-wide by SEBI Regulation 52 under the SEBI Mutual Funds Regulations, 1996, which prescribes maximum TER values on an AUM-slab basis.
PPFAS TER levels are characterised by three structural features. First, the Direct Plan TER on each scheme is materially below the industry average for the same category, a consequence of the AMC’s direct-plan-dominant distribution (which reduces the per-rupee cost of the trail-commission component) and the large AUM of the flagship scheme (which places the AMC on the lowest Regulation 52 slab). Second, the Regular Plan TER on the equity schemes carries a clean 100 to 110 basis-point spread above the Direct Plan TER, corresponding to the distribution-and-sales-expense component permitted under Regulation 52. Third, the TER on every scheme has trended downward over time as AUM has grown into the lower Regulation 52 slabs.
The flagship Parag Parikh Flexi Cap Fund carries a current Direct Plan TER of approximately 0.63 per cent and a Regular Plan TER of approximately 1.32 per cent, reflecting the very large AUM of over Rs 1.60 lakh crore as of May 2026.
This article is the principal TER reference for PPFAS schemes. Related references include PPFAS direct vs regular plan, PPFAS distributor channel history, PPFAS exit-load structure and PPFAS regulatory filings and disclosures.
Industry framework: SEBI Regulation 52
SEBI Mutual Funds Regulations Regulation 52 prescribes the maximum total expense ratio that an AMC may charge on an open-ended mutual fund scheme. The cap operates on an AUM-slab basis, with the maximum permitted TER reducing as the scheme’s AUM grows. The current Regulation 52 framework, as last revised by SEBI in 2018, prescribes the following maximum TER values for an open-ended equity-oriented mutual fund scheme:
| AUM slab (Rs crore) | Maximum TER on equity-oriented scheme |
|---|---|
| Up to 500 | 2.25% |
| 500 to 750 | 2.00% |
| 750 to 2,000 | 1.75% |
| 2,000 to 5,000 | 1.60% |
| 5,000 to 10,000 | 1.50% |
| 10,000 to 50,000 | Reducing slab structure |
| Above 50,000 | Lowest slab (with further +0.05% reduction per additional Rs 5,000 crore) |
The maximum TER for debt-oriented schemes is lower, and the maximum TER for index funds, ETFs, fund-of-funds and overseas fund-of-funds is lower still. For liquid funds and overnight funds, the maximum TER is in the range of 0.25 to 0.50 per cent depending on AUM.
Within the headline cap, AMCs are permitted to charge an additional 5 basis points for accepting subscriptions from cities beyond the top thirty (the “B-30” geographical penetration carve-out), an additional 20 basis points for distribution-and-sales-expense in the Regular Plan, and certain GST-on-management-fee items.
The TER paid by unit-holders is computed daily as the per-day proportionate fraction of the annual TER applied to the scheme’s NAV. The TER directly reduces the NAV growth rate, making the difference between the Direct Plan and Regular Plan NAVs widen continuously over time at a rate equal to the TER differential.
Parag Parikh Flexi Cap Fund TER history
The Parag Parikh Flexi Cap Fund was launched on 24 May 2013 as PPLTVF, and the TER history covers thirteen years of operation. The illustrative trajectory of the Direct Plan and Regular Plan TER values, drawn from monthly factsheet disclosures, is summarised below (figures are approximate and refer to the period mean):
| Period | Direct Plan TER | Regular Plan TER | PPFCF AUM (Rs crore) |
|---|---|---|---|
| FY 2013-14 (launch) | 1.10% | 2.50% | 200 |
| FY 2015-16 | 1.00% | 2.30% | 750 |
| FY 2017-18 (PPLTEF rename) | 1.05% | 2.15% | 1,500 |
| FY 2019-20 | 0.95% | 1.95% | 4,500 |
| FY 2021-22 (PPFCF rename, then overseas cap) | 0.85% | 1.55% | 22,000 |
| FY 2022-23 | 0.78% | 1.45% | 35,000 |
| FY 2024-25 | 0.66% | 1.35% | 93,440 |
| FY 2025-26 (current) | 0.63% | 1.32% | 160,952 |
The downward trend is driven by AUM growth into successively lower Regulation 52 slabs. The Direct Plan TER has compressed by approximately 47 basis points over the thirteen-year period (from 1.10 per cent at launch to 0.63 per cent currently), with most of the compression occurring between FY 2019-20 and FY 2025-26 as AUM grew from approximately Rs 4,500 crore to over Rs 1.60 lakh crore.
The PPFCF Direct Plan TER of 0.63 per cent is materially lower than the industry-average Direct Plan TER for actively managed flexi-cap funds, which sits at approximately 0.95 per cent across the category. The PPFCF Regular Plan TER of 1.32 per cent is similarly below the industry-average Regular Plan TER of approximately 1.85 per cent for the flexi-cap category.
Parag Parikh Liquid Fund TER history
The Parag Parikh Liquid Fund, launched on 9 May 2018, operates under a much tighter Regulation 52 TER cap because of its liquid-fund category status. The illustrative trajectory of the Direct Plan and Regular Plan TER values is:
| Period | Direct Plan TER | Regular Plan TER |
|---|---|---|
| FY 2018-19 (launch) | 0.30% | 0.50% |
| FY 2020-21 | 0.20% | 0.40% |
| FY 2022-23 | 0.18% | 0.35% |
| FY 2024-25 | 0.15% | 0.30% |
| FY 2025-26 (current) | 0.13% | 0.27% |
The Direct Plan TER of 0.13 per cent is in line with the industry-average for liquid funds. The Direct Plan vs Regular Plan differential of approximately 14 basis points is materially smaller than that of the equity schemes, reflecting the lower distribution-and-sales-expense load applicable to liquid-fund categories under Regulation 52. The Liquid Fund’s TER will continue to compress modestly as AUM grows.
Parag Parikh ELSS Tax Saver Fund TER history
The Parag Parikh ELSS Tax Saver Fund, launched on 4 July 2019, follows the equity-oriented Regulation 52 framework with the standard distribution-and-sales-expense carve-out for the Regular Plan. The illustrative trajectory of the Direct Plan and Regular Plan TER is:
| Period | Direct Plan TER | Regular Plan TER | ELSS AUM (Rs crore) |
|---|---|---|---|
| FY 2019-20 (launch) | 1.20% | 2.40% | 50 |
| FY 2021-22 | 1.10% | 2.20% | 800 |
| FY 2023-24 | 0.90% | 1.95% | 3,200 |
| FY 2025-26 (current) | 0.79% | 1.80% | 5,260 |
The ELSS Tax Saver Fund’s TER has compressed steadily as AUM has grown to approximately Rs 5,260 crore as of April 2026. The Direct Plan TER of 0.79 per cent is broadly comparable with the industry average for actively managed ELSS schemes. The Regular Plan TER of 1.80 per cent is modestly below the industry average of approximately 2.05 per cent.
Parag Parikh Conservative Hybrid Fund TER history
The Parag Parikh Conservative Hybrid Fund, launched on 28 May 2021, operates under the equity-oriented Regulation 52 framework when the equity exposure exceeds the 65 per cent threshold and under the debt-oriented framework when below. The fund typically maintains 10 to 25 per cent equity exposure, placing it firmly in the debt-oriented Regulation 52 category for TER purposes. The illustrative trajectory of the Direct Plan and Regular Plan TER is:
| Period | Direct Plan TER | Regular Plan TER |
|---|---|---|
| FY 2021-22 (launch) | 0.65% | 2.10% |
| FY 2023-24 | 0.50% | 1.85% |
| FY 2025-26 (current) | 0.39% | 1.50% |
The Conservative Hybrid Fund’s TER differential of approximately 111 basis points between Direct and Regular Plans is one of the widest across the PPFAS scheme suite, reflecting the comparatively small AUM of the fund and the consequently higher per-rupee distribution-and-sales-expense load.
Parag Parikh Arbitrage Fund TER history
The Parag Parikh Arbitrage Fund, launched on 27 October 2023, operates under the equity-oriented Regulation 52 framework (because arbitrage funds qualify as equity-oriented for both tax and TER purposes when equity-plus-arbitrage exposure exceeds 65 per cent). The illustrative trajectory of the Direct Plan and Regular Plan TER is:
| Period | Direct Plan TER | Regular Plan TER |
|---|---|---|
| FY 2023-24 (launch) | 0.45% | 1.20% |
| FY 2024-25 | 0.38% | 1.10% |
| FY 2025-26 (current) | 0.34% | 1.05% |
The Arbitrage Fund’s TER of 0.34 per cent Direct Plan is competitive with the industry-average Arbitrage Fund Direct Plan TER of approximately 0.40 per cent. The fund’s AUM was approximately Rs 2,059 crore as of mid-2026.
Parag Parikh Dynamic Asset Allocation Fund (DAAF) TER history
The Parag Parikh Dynamic Asset Allocation Fund, launched on 22 February 2024, operates under the equity-oriented Regulation 52 framework given that its equity-plus-arbitrage exposure typically exceeds 65 per cent. The illustrative trajectory of the Direct Plan and Regular Plan TER is:
| Period | Direct Plan TER | Regular Plan TER |
|---|---|---|
| FY 2023-24 (launch) | 0.65% | 2.05% |
| FY 2024-25 | 0.55% | 1.75% |
| FY 2025-26 (current) | 0.50% | 1.60% |
The DAAF’s TER will continue to compress as AUM grows, with the Direct Plan expected to move below 0.50 per cent within the next two to three years.
Parag Parikh Large Cap Fund TER history
The Parag Parikh Large Cap Fund, launched on 4 February 2026, is the most recent PPFAS scheme. Its TER history is comparatively brief but the initial TER values are:
| Period | Direct Plan TER | Regular Plan TER |
|---|---|---|
| Feb to May 2026 (launch) | 0.55% | 1.65% |
The Large Cap Fund’s TER will compress as AUM grows. Industry averages for actively managed large-cap-category Direct Plans sit at approximately 0.90 per cent, so the launch Direct Plan TER of 0.55 per cent is materially below average from launch.
Comparison with industry averages
The PPFAS TER levels compare with industry averages as follows (approximate Direct Plan TER as of mid-2026):
| Scheme | PPFAS Direct TER | Industry avg Direct TER | Differential |
|---|---|---|---|
| Flexi Cap Fund | 0.63% | 0.95% | -32 bps |
| Liquid Fund | 0.13% | 0.15% | -2 bps |
| ELSS Tax Saver Fund | 0.79% | 0.85% | -6 bps |
| Conservative Hybrid Fund | 0.39% | 0.65% | -26 bps |
| Arbitrage Fund | 0.34% | 0.40% | -6 bps |
| DAAF (Balanced Advantage) | 0.50% | 0.75% | -25 bps |
| Large Cap Fund | 0.55% | 0.90% | -35 bps |
The PPFAS TER levels are consistently below industry averages, partly because of the direct-plan-dominant distribution and partly because of the AMC’s deliberate cost-discipline approach articulated in the letter from Neil Parikh and the PPFAS investment philosophy.
TER computation and disclosure
The TER for each PPFAS scheme is computed and disclosed monthly in the monthly factsheet at amc.ppfas.com/downloads/factsheet. The TER value is computed on a TER-as-of-month-end basis and is also disclosed in the per-scheme Scheme Information Document (SID) and the Key Information Memorandum (KIM). The TER values are reported to AMFI under the AMFI factsheet template format and are subject to the AMFI factsheet 2024 revision presentation norms.
The daily NAV computation deducts the per-day TER fraction from the gross NAV. For a scheme with an annual TER of 0.63 per cent, the daily TER deduction is approximately 0.0017 per cent of NAV.
Drivers of future TER trajectory
The future trajectory of PPFAS TER levels will depend on three drivers:
- AUM growth: As AUM grows into successively lower Regulation 52 slabs, the maximum permitted TER reduces and the AMC has indicated it will pass the slab benefits through to unit-holders rather than retain the margin. PPFCF’s continued AUM growth from Rs 1.60 lakh crore toward higher levels will compress the Direct Plan TER further.
- SEBI Regulation 52 revisions: SEBI has periodically revisited the Regulation 52 framework. A future revision of the slab structure, particularly any further reduction of the maximum permitted TER at the upper AUM slabs, would compress TERs further.
- Distribution mix shift: If the Direct Plan share of AUM continues to grow, the weighted-average TER across both plans will move closer to the Direct Plan level. PPFCF’s already very high Direct Plan share means that further mix shift will have a comparatively modest impact.
The AMC has consistently signalled cost discipline in annual letters and at the annual unitholders’ meet.
Recent developments
The most recent TER-related development is the publication of the May 2026 monthly factsheet incorporating the Parag Parikh Large Cap Fund launch TER values. No Regulation 52 revisions have been announced by SEBI in 2025 or 2026 as of the publication date of this article.
The 12th annual unitholders’ meet on 22 November 2025 included a discussion by Neil Parikh of the TER trajectory across the scheme suite and the AMC’s policy of passing slab benefits to unit-holders rather than retaining margin.
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
- Parag Parikh
- Neil Parikh
- Rajeev Thakkar
- Raunak Onkar
- Raj Mehta
- Rukun Tarachandani
- Mansi Kariya
- Tejas Soman
- Aishwarya Dhar
- PPFAS direct vs regular plan
- PPFAS exit-load structure
- PPFAS distributor channel history
- PPFAS regulatory filings and disclosures
- PPFAS monthly factsheet
- PPFAS investment philosophy
- PPFAS stance on not chasing AUM
- PPFCF AUM trajectory
- SEBI Mutual Funds Regulations 1996
- Mutual fund trail commission
- Regular vs direct plan mutual fund
- Direct plan adoption in India
- AMFI factsheet template
- AMFI factsheet 2024 revision
- AMFI Association of Mutual Funds in India
- Mutual fund
- Mutual fund industry in India
- CAMS
External references
- PPFAS factsheet hub: amc.ppfas.com/downloads/factsheet
- PPFAS schemes pages: amc.ppfas.com/schemes
- AMFI portal: www.amfiindia.com
- SEBI portal: www.sebi.gov.in
- PPFAS SelfInvest: selfinvest.ppfas.com
- PPFAS sponsor site: www.ppfas.com
References
- PPFAS AMC. “Monthly Factsheet, March 2026.” amc.ppfas.com.
- PPFAS AMC. “Schemes pages and SID files for all seven schemes.” amc.ppfas.com.
- SEBI. “Mutual Funds Regulations, 1996 (Regulation 52).” sebi.gov.in.
- SEBI. “Total Expense Ratio and Performance Disclosure for Mutual Funds.” 2018 circular.
- AMFI. “Factsheet Template Norms and 2024 Revision.” amfiindia.com.
- Value Research Online. “Direct Plan vs Regular Plan TER Analysis.”
- Morningstar India. “Equity Fund TER Comparison.”
- PPFAS AMC. “Letter from Neil Parikh: TER Discussion.” amc.ppfas.com.
- AMFI. “Monthly Aggregate AUM Data.” amfiindia.com.
- PPFAS AMC. “Annual Unitholders’ Meet 2025 transcript.” amc.ppfas.com.