PPFAS flagship rename history: PPLTVF to PPLTEF to PPFCF

The PPFAS flagship rename history is the sequence of three name changes that turned PPFAS Long Term Value Fund, allotted on 24 May 2013, into the Parag Parikh Flexi Cap Fund of PPFAS Mutual Fund (SEBI registration MF/069/12/01). The scheme carried four names: PPFAS Long Term Value Fund to 15 September 2016, Parag Parikh Long Term Value Fund to 15 February 2018, Parag Parikh Long Term Equity Fund to 12 January 2021, and Parag Parikh Flexi Cap Fund since 13 January 2021.

Only the last two changes were driven by SEBI . The 2018 rename followed the categorisation circular SEBI/HO/IMD/DF3/CIR/P/2017/114 of 6 October 2017, which placed the scheme in the multi cap category . The 2021 rename followed SEBI’s 11 September 2020 rule requiring multi cap funds to hold at least 25 per cent each in large, mid and small caps, and its 6 November 2020 circular creating the flexi cap category . The 2016 change was a brand change, announced by PPFAS addendum with no regulatory trigger.

The scheme itself did not change under any of the four names. The PPFAS factsheets from August 2016 onward print the same allotment date, 24 May 2013, and Rajeev Thakkar has been the equity fund manager throughout. What changed was its SEBI category, its official scheme description, and in December 2020 the unitholders’ right to leave without exit load. The scheme grew from Rs 152.45 crore at 30 June 2013 to Rs 1,45,070.50 crore at 30 September 2026, according to the PPFAS factsheets for those months.

This entry covers the regulatory history of the names. The scheme as it operates today, including its portfolio, returns, costs and taxation, is covered in Parag Parikh Flexi Cap Fund .

Names and effective dates, 2013 to 2021

The flagship scheme of PPFAS Mutual Fund has had four names, each set by a dated PPFAS addendum to its scheme information document and key information memorandum. The table gives each name with its period, its SEBI category and the document that introduced it.

The six-letter forms PPLTVF and PPLTEF, used in this page’s title and elsewhere, do not appear in the PPFAS factsheets of 2013 to 2018. Those factsheets abbreviate the scheme as PLTVF and PLTEF. PPFCF is PPFAS’s own abbreviation from January 2021.

Launch as PPFAS Long Term Value Fund, May 2013

PPFAS Long Term Value Fund was the first scheme of PPFAS Mutual Fund, allotted on 24 May 2013 after a new fund offer that opened on 13 May 2013, as the AMC’s Annual Report for FY2025-26 records. PPFAS Asset Management Private Limited had been incorporated on 8 August 2011.

The PPFAS factsheet for June 2013 describes the type of scheme as “An Open Ended Equity Scheme”, gives assets under management of Rs 152.45 crore at 30 June 2013, and names the CNX 500 as benchmark. The same factsheet names Rajeev Thakkar as equity fund manager, Raunak Onkar as fund manager for overseas securities and Vishal Shah as debt fund manager, each since inception, and prints an inception date of 28 May 2013, four days after the allotment date given in later factsheets. SEBI’s first standard list of equity categories came with its circular of 6 October 2017, so in 2013 a scheme’s description was set by its own offer document.

The founder, Parag Parikh , died in a car accident in Omaha, Nebraska, on 3 May 2015, Business Standard reported the next day. The scheme kept its name and managers. By August 2016 the factsheet referred to Neil Parikh (Neil Parag Parikh) as the AMC’s chief executive.

Rebrand to Parag Parikh Long Term Value Fund, September 2016

The first rename added the founder’s name. A notice-cum-addendum dated 1 September 2016 told unitholders that the trustee of PPFAS Mutual Fund had approved changing the name from PPFAS Long Term Value Fund to Parag Parikh Long Term Value Fund, with effect from 16 September 2016. The addendum states no regulatory reason and leaves every other part of the SID and KIM unchanged.

The August 2016 factsheet carries a note from the CEO, Neil Parikh, giving two reasons: “To pay homage to our Founder whose vision and actions have been instrumental in where we stand today”, and that the founder’s standing could “ensure better connect and recall among investors and distributors, as compared to a bland acronym”. The same factsheet gives the scheme’s AUM as Rs 687.45 crore and its regular plan NAV as Rs 18.5351, with Nifty 500 as the benchmark.

SEBI categorisation circular of 6 October 2017

SEBI circular SEBI/HO/IMD/DF3/CIR/P/2017/114, dated 6 October 2017, “Categorization and Rationalization of Mutual Fund Schemes”, sorted every open ended scheme into five groups (equity, debt, hybrid, solution oriented and other) and fixed the characteristics of each category in an annexure. Its full text is analysed in SEBI scheme rationalisation circular 2017 and its effect on this AMC in PPFAS and the October 2017 categorisation .

Equity categories in the 2017 annexure

The annexure listed 10 equity categories. The minimum figures below are percentages of total assets, from the circular as issued on 6 October 2017.

The circular defined large caps as the 1st to 100th company by full market capitalisation, mid caps as the 101st to 250th, and small caps as the 251st onward, using a list prepared by AMFI every six months from stocks listed on recognised stock exchanges.

Process, deadlines and the naming position

Each AMC was allowed one scheme per category, with exceptions for index funds and ETFs on different indices, fund of funds with different underlying schemes, and sectoral or thematic funds on different sectors. AMCs had to file their proposals with SEBI within two months of the circular and complete the changes within three months of SEBI’s observations.

The 2017 circular did not require a scheme’s name to repeat its category. It replaced the “type of scheme” line printed below the name with a uniform description from the annexure, and it stated that a change in the type of scheme alone would not be a change in fundamental attributes. The rule that a scheme’s name must match its category arrived for flexi cap funds in SEBI’s circular of 6 November 2020.

Rename to Parag Parikh Long Term Equity Fund, February 2018

Parag Parikh Long Term Value Fund became Parag Parikh Long Term Equity Fund with effect from 16 February 2018, by a notice-cum-addendum dated 7 February 2018 headed “Change in the scheme name without changing fundamental attributes and investment objectives of scheme”. The trustees of PPFAS Mutual Fund approved the change. The addendum states that the change “is based on the SEBI circular issued on 6th October,2017” and that the fund would follow the same investment strategy as stated in its SID.

The scheme went into the multi cap category. The PPFAS factsheet for February 2018 gives its type as “Multi Cap Fund - An open ended equity scheme investing across large cap, mid cap, small cap stocks”, which is the annexure’s uniform description word for word. The addendum gives no reason for dropping the word Value. Value fund was itself a separate category in the 2017 annexure, and the scheme was placed in multi cap rather than in it.

Because the addendum stated that no fundamental attribute changed, it offered unitholders no exit window. PPFAS was then a single-scheme fund house, so the one-scheme-per-category rule did not bite: the February 2018 factsheet states that the fund manager managed only one scheme, and the second, the Parag Parikh Liquid Fund , was allotted on 11 May 2018.

At 28 February 2018 the scheme managed Rs 1,021.59 crore. Core Indian equity was 65.40 per cent of net assets and overseas securities 26.20 per cent, and the combined holding of PPFAS insiders was 11.17 per cent of AUM, per the factsheet for that month. The regular plan expense ratio was 2.00 per cent and the direct plan 1.50 per cent, exclusive of GST on management fees.

Fundamental attribute changes as a multi cap fund

PPFAS addenda issued between the 2018 and 2021 renames included two fundamental attribute changes to Parag Parikh Long Term Equity Fund.

• REITs and InvITs, September 2019. An addendum dated 20 August 2019 added units of REITs and InvITs at 0 to 10 per cent of net assets from 10 September 2019, alongside equity at 65 to 100 per cent, debt and money market securities at 0 to 35 per cent, and foreign equity at 0 to 35 per cent. It was a fundamental attribute change under Regulation 18(15A) of the SEBI (Mutual Funds) Regulations 1996, and unitholders on record on 25 August 2019 had an exit window from 26 August to 9 September 2019. The current limits are in REIT and InvIT exposure cap for mutual funds .
• Covered calls, September 2020. An addendum dated 9 September 2020 added provisions for writing covered call options, also as a change in fundamental attributes.

SEBI multi cap circular of 11 September 2020

SEBI circular SEBI/HO/IMD/DF3/CIR/P/2020/172, dated 11 September 2020, “Asset Allocation of Multi Cap Funds”, modified the multi cap row of the 2017 annexure. A multi cap fund now had to hold at least 75 per cent of total assets in equity, of which at least 25 per cent in large cap companies, 25 per cent in mid cap companies and 25 per cent in small cap companies. The circular gave existing multi cap funds one month from AMFI’s next market-capitalisation list, “i.e. January 2021”, to comply.

SEBI explained the change in press release PR No. 46/2020 of 13 September 2020. It said some multi cap schemes held over 80 per cent in large caps “akin to Large Cap schemes” and some had near zero allocation to small caps. The release named the routes open to AMCs: rebalancing, facilitating switches to other schemes, merging a multi cap scheme into a large cap scheme, or converting it to another category such as large and mid cap. It set 31 January 2021 as the compliance date. The industry-wide response is covered in SEBI multi cap reclassification 2020 .

Overseas holdings and the 2020 multi cap floors

The September 2020 multi cap rule capped Parag Parikh Long Term Equity Fund’s foreign holdings at 25 per cent in practice, below the levels it held. PPFAS’s addendum of 9 December 2020 gives no reason for the move to flexi cap; it cites the 6 November 2020 circular and the board approvals. The AMFI list behind the 25 per cent floors ranks stocks on Indian recognised stock exchanges, so the scheme’s foreign shares counted toward none of the three bands. Its SID allowed up to 35 per cent in foreign equity.

The PPFAS factsheet for January 2021, the first month-end after the change, shows the gap. Overseas securities were 31.14 per cent of net assets, led by Alphabet at 9.62 per cent, Microsoft at 7.92 per cent and Amazon at 5.86 per cent. Indian equity, including arbitrage positions, was 65.25 per cent, and TREPS, cash and net current assets 3.61 per cent. A multi cap fund needed 75 per cent in Indian equity, so it could hold at most 25 per cent abroad even with no cash at all; on January 2021 figures the scheme was 6.14 percentage points above that ceiling, on a webnotes.in calculation.

The flexi cap category removed both constraints: it kept the 65 per cent equity minimum of the 2017 multi cap row and set no floor for any market-cap band.

Flexi cap circular of 6 November 2020

SEBI circular SEBI/HO/IMD/DF3/CIR/P/2020/228, dated 6 November 2020, “Introduction of ‘Flexi Cap Fund’ as a new category under Equity Schemes”, created the flexi cap category “in order to give more flexibility to the mutual funds”, taking into account the recommendations of SEBI’s Mutual Fund Advisory Committee. The circular provides:

1. Minimum investment in equity and equity related instruments of 65 per cent of total assets.
2. A uniform description: “An open ended dynamic equity scheme investing across large cap, mid cap, small cap stocks”.
3. A suitable benchmark, adopted by the AMC.
4. The scheme name must be the same as the scheme category.
5. An AMC may convert an existing scheme into a flexi cap fund, subject to the fundamental attribute change requirements of Regulation 18(15A) of the SEBI (Mutual Funds) Regulations 1996.
6. The category was available from the date of the circular.

Point 4 is why the new name had to contain the words “Flexi Cap”. Point 5 is why the change carried an exit window. Category rules are now consolidated in the SEBI Master Circular for Mutual Funds 2026 , and the 1996 regulations were replaced by the SEBI (Mutual Funds) Regulations 2026 from 1 April 2026. The two categories are compared in multi cap versus flexi cap .

Rename to Parag Parikh Flexi Cap Fund, January 2021

Parag Parikh Long Term Equity Fund became Parag Parikh Flexi Cap Fund on 13 January 2021, under a notice-cum-addendum signed on 9 December 2020 by the CEO and director of PPFAS Asset Management Private Limited. The boards of the AMC and of PPFAS Trustee Company Private Limited approved the change under circular SEBI/HO/IMD/DF3/CIR/P/2020/228. SEBI noted the change by email dated 7 December 2020, according to the addendum.

The addendum changed two lines in the table of scheme features:

At 31 January 2021, the first month-end under the new name, the scheme managed Rs 6,824.99 crore, with a regular plan NAV of Rs 35.7032 and a direct plan NAV of Rs 37.4573. The factsheet notes that the scheme name “has changed from Parag Parikh Long Term Equity Fund from 13/01/2021” and keeps the allotment date of 24 May 2013.

Exit window for unitholders, December 2020 to January 2021

The recategorisation was a change in fundamental attributes, so Regulation 18(15A) required an exit option. Unitholders whose names appeared in the register on 13 December 2020 could redeem, or switch to another PPFAS scheme, at applicable NAV without exit load from 14 December 2020 to 12 January 2021, both days inclusive, up to 3 pm on 12 January.

The addendum set out the terms. The exit was optional; a unitholder who did nothing by 12 January 2021 was deemed to consent. Redemption proceeds were to be paid within 10 business days. A redemption or switch in the window was a capital gain or loss in the unitholder’s hands, with TDS for non-resident investors. Units under pledge or encumbrance could not exit unless released first.

Segregated portfolio provisions in the same addendum

The 9 December 2020 addendum also added provisions for creating a segregated portfolio of debt and money market instruments after a credit event, under SEBI circulars SEBI/HO/IMD/DF2/CIR/P/2018/160 of 28 December 2018 and SEBI/HO/IMD/DF2/CIR/P/2019/127 of 7 November 2019. That was a second fundamental attribute change, covered by the same exit window.

Continuity across the renames

The renames changed the scheme’s label and its SEBI category. They did not change its allotment date, its lead fund manager or its basic mandate of Indian equity with a foreign allowance of up to 35 per cent. The benchmark and the fund management team did change over the period, but on dates unconnected with the renames.

Raunak Onkar is named fund manager for overseas securities since inception in all three factsheets. Vishal Shah was debt fund manager at launch, and Raj Mehta has held that role since 27 January 2016. The benchmark index is the same throughout: IISL renamed the CNX 500 as the Nifty 500 from 9 November 2015, in a rebranding of all its indices announced on 22 September 2015, and the scheme moved to the total return variant, the Nifty 500 TRI , by February 2018, after SEBI circular SEBI/HO/IMD/DF3/CIR/P/2018/04 of 4 January 2018 required total return index benchmarks from 1 February 2018. The fund team has since grown to the seven managers named in the September 2026 factsheet.

Tax position of unitholders across the renames

No unitholder transaction took place at any of the three renames. None of the three changes redeemed or reissued units; the folio, the unit balance and the purchase dates carried over, and the factsheets of 2018 and 2021 print the same 24 May 2013 allotment date. Tax arose only for a unitholder who redeemed or switched, including in the December 2020 exit window, which PPFAS’s addendum describes as giving rise to capital gain or loss. A switch between schemes is a redemption for tax, as switch as a taxable event explains.

The scheme’s tax class depends on its holdings, not its name. An equity-oriented fund must invest at least 65 per cent of its total proceeds in equity shares of domestic companies listed on a recognised stock exchange, computed as the annual average of the monthly averages of opening and closing figures. The definition sat in section 10(38) of the Income-tax Act 1961 in 2018 and in the Explanation to section 112A in 2021, and is now section 198(8) of the Income-tax Act 2025 . In September 2026 the scheme’s domestic equity, including hedged arbitrage, was 73.50 per cent, per the PPFAS factsheet for that month. Current rates are in equity mutual fund taxation in India and capital gains tax in India .

Events after the 2021 rename

Under the flexi cap name the scheme closed to fresh lump sums when the mutual fund industry reached its overseas investment limit, and later grew past Rs 1 lakh crore. The limit is explained in SEBI MF overseas investment cap .

• 2 February 2022: PPFAS suspended lump sums and fresh SIP and STP registrations after the mutual fund industry reached its USD 7 billion overseas limit. At 31 January 2022 the scheme managed Rs 20,412.09 crore, 29.48 per cent of it overseas, per the PPFAS factsheet for that month. Existing SIPs continued.
• 15 March 2022: PPFAS withdrew the suspension by notice dated 10 March 2022.
• May 2025: the scheme first closed a month above Rs 1 lakh crore, moving from Rs 98,541.28 crore at 30 April 2025 to Rs 1,03,867.95 crore at 31 May 2025, according to the factsheets.
• 30 September 2026: AUM of Rs 1,45,070.50 crore, with 11.90 per cent overseas, per the September 2026 factsheet.

Corrections to earlier versions of this page

Earlier versions of this page, published from 16 May 2026, contained the errors below. Each is listed with the primary source that settles it.

The earlier version also described a fixed portfolio of 25 to 35 stocks and listed peer schemes renamed in the same cycle. Neither claim is supported by a PPFAS or AMC document, so neither is stated here.

See also

• Parag Parikh Flexi Cap Fund
• PPFAS Mutual Fund
• PPFAS and the October 2017 categorisation
• PPFAS regulatory filings and disclosures
• How to read the PPFAS factsheet
• Parag Parikh
• Neil Parikh
• Rajeev Thakkar
• Raunak Onkar
• Raj Mehta
• 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
• SEBI scheme rationalisation circular 2017
• SEBI multi cap reclassification 2020
• SEBI multi cap reclassification 2020 event
• Flexi cap mutual funds in India
• Multi cap mutual funds in India
• Multi cap versus flexi cap
• Large cap mutual funds in India
• Large and mid cap mutual fund
• Value mutual funds in India
• Contra mutual funds in India
• Focused equity mutual fund
• ELSS mutual funds in India
• Segregated portfolio in mutual funds
• REIT and InvIT exposure cap for mutual funds
• SEBI MF overseas investment cap
• Mutual fund exit load
• Nifty 500 TRI
• TRI benchmarking
• SEBI Mutual Funds Regulations 1996
• SEBI Mutual Funds Regulations 2026
• SEBI Master Circular for Mutual Funds 2026
• Income-tax Act 2025
• Equity mutual fund taxation in India
• Capital gains tax in India
• Switch as a taxable event
• Mutual fund folio number
• New fund offer
• AMFI
• SEBI
• SEBI SCORES

External references

• PPFAS addendum dated 1 September 2016, change in scheme name: https://amc.ppfas.com/downloads/addendum/2016/ppfas-layout-august-30-change-in-scheme-name.pdf
• PPFAS addendum dated 7 February 2018, change in scheme name: https://amc.ppfas.com/downloads/addendum/2018/PPFAS-Layout-Feb_6.pdf
• PPFAS addendum dated 9 December 2020, recategorisation as a flexi cap fund: https://amc.ppfas.com/downloads/addendum/2020/change-in-the-fundamental-attributes-of-parag-parikh-long-term-equity-fund-recategorisation-as-a-flexi-cap-change-in-the-name-of-the-scheme-and-inclusion-of-provisions-for-creation-of-segre.pdf
• SEBI circular of 6 October 2017, categorisation and rationalisation of schemes: https://www.sebi.gov.in/legal/circulars/oct-2017/categorization-and-rationalization-of-mutual-fund-schemes_36199.html
• SEBI circular of 11 September 2020, asset allocation of multi cap funds: https://www.sebi.gov.in/legal/circulars/sep-2020/circular-on-asset-allocation-of-multi-cap-funds_47542.html
• SEBI press release PR No. 46/2020 of 13 September 2020: https://www.sebi.gov.in/media/press-releases/sep-2020/clarification-pursuant-to-circular-dated-september-11-2020-regarding-asset-allocation-of-multi-cap-schemes-of-mutual-funds_47546.html
• SEBI circular of 6 November 2020, flexi cap fund category: https://www.sebi.gov.in/legal/circulars/nov-2020/circular-on-introduction-of-flexi-cap-fund-as-a-new-category-under-equity-schemes_48108.html
• PPFAS factsheet archive: https://amc.ppfas.com/downloads/factsheet/

References

1. PPFAS Mutual Fund, notice-cum-addendum to the SID and KIM of PPFAS Long Term Value Fund, change in scheme name with effect from 16 September 2016, dated 1 September 2016.
2. PPFAS Mutual Fund, notice-cum-addendum to the SID, SAI and KIM of Parag Parikh Long Term Value Fund, change in scheme name without changing fundamental attributes, with effect from 16 February 2018, dated 7 February 2018.
3. PPFAS Mutual Fund, notice-cum-addendum to the SID and KIM of Parag Parikh Long Term Equity Fund, recategorisation as a flexi cap fund, change in name and creation of segregated portfolio, with effect from 13 January 2021, dated 9 December 2020.
4. PPFAS Mutual Fund, notice-cum-addendum on investment in units of REITs and InvITs by Parag Parikh Long Term Equity Fund, effective 10 September 2019, dated 20 August 2019.
5. SEBI circular SEBI/HO/IMD/DF3/CIR/P/2017/114, 6 October 2017, Categorization and Rationalization of Mutual Fund Schemes.
6. SEBI circular SEBI/HO/IMD/DF3/CIR/P/2020/172, 11 September 2020, Asset Allocation of Multi Cap Funds; SEBI press release PR No. 46/2020, 13 September 2020.
7. SEBI circular SEBI/HO/IMD/DF3/CIR/P/2020/228, 6 November 2020, Introduction of “Flexi Cap Fund” as a new category under Equity Schemes.
8. SEBI circular SEBI/HO/IMD/DF3/CIR/P/2018/04, 4 January 2018, on total return index benchmarks for mutual fund schemes.
9. PPFAS Mutual Fund, monthly factsheets for June 2013, August 2016, February 2018, January 2021, January 2022, April 2025, May 2025 and September 2026.
10. PPFAS Asset Management Private Limited, Annual Report FY2025-26; Business Standard, “Dalal Street veteran Parag Parikh dies in Omaha”, 4 May 2015.