PPFAS flagship rename history: PPLTVF to PPLTEF to PPFCF

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The PPFAS flagship rename history documents the two formal name and category changes of the flagship equity scheme of PPFAS Mutual Fund since its launch on 24 May 2013. The scheme has operated under three successive names corresponding to three successive SEBI-recognised category classifications, with each rename driven by SEBI regulatory initiatives rather than by AMC strategic repositioning. The three successive names are:

  1. Parag Parikh Long Term Value Fund (PPLTVF), the launch name from 24 May 2013 to 15 February 2018, operating under the pre-rationalisation open-ended multi-capitalisation mandate.
  2. Parag Parikh Long Term Equity Fund (PPLTEF), the post-rationalisation name from 16 February 2018 to 12 January 2021, operating under the SEBI Multi-Cap Fund category established by the SEBI scheme rationalisation circular 2017 dated 6 October 2017.
  3. Parag Parikh Flexi Cap Fund (PPFCF), the current name from 13 January 2021 onward, operating under the SEBI Flexi Cap Fund category established by SEBI in November 2020.

The two renames were administrative regulatory events: in each case, the AMC migrated the scheme to a new SEBI-defined category and adopted the corresponding standardised category-specific nomenclature, without altering the scheme’s fundamental investment philosophy, fund-management team (lead by Rajeev Thakkar continuously since the May 2013 launch), benchmark (Nifty 500 TRI), operational parameters, or the structural up-to-35-per-cent overseas allocation provision that has distinguished the scheme since its launch.

This article is the canonical reference on the rename history. For the comprehensive operational, performance, fund-management, AUM and portfolio details of the scheme as it currently operates under the Parag Parikh Flexi Cap Fund name, readers should consult the principal Parag Parikh Flexi Cap Fund article. For the AMC-level context including the May 2015 founder mortality event, the May 2025 Rs 1 lakh crore AUM milestone, and the May 2026 Rs 1.6 lakh crore AUM update, readers should consult the parent PPFAS Mutual Fund article. For the regulatory drivers, readers should consult the SEBI scheme rationalisation circular 2017 article and the Flexi cap mutual fund India category article.

Background: launch as PPLTVF (24 May 2013)

Pre-rationalisation regulatory context

In May 2013, the Indian mutual fund regulatory framework under the SEBI Mutual Funds Regulations 1996 did not impose the standardised scheme-category framework subsequently introduced by the SEBI scheme rationalisation circular 2017. AMCs had substantial latitude to design open-ended schemes with custom investment mandates spanning the equity market capitalisation spectrum, with category nomenclature reflecting AMC-specific positioning rather than industry-standard category definitions.

This pre-rationalisation regulatory environment provided PPFAS Asset Management Private Limited, newly incorporated on 8 August 2011 and with the parent PPFAS Mutual Fund trust set up on 10 October 2012 under SEBI Registration ID MF/069/12/01, the operational latitude to design its flagship equity scheme with a custom multi-cap-with-international-overlay mandate that would not have been feasible under the subsequent rationalised framework’s then-pending category-specific constraints.

Launch as Parag Parikh Long Term Value Fund

The flagship was accordingly launched on 24 May 2013 under the name Parag Parikh Long Term Value Fund (PPLTVF). The “Long Term Value” framing reflected the AMC’s value-investing philosophy heavily influenced by Benjamin Graham, Warren Buffett, Charlie Munger and behavioural-finance thinkers Daniel Kahneman and Robert Shiller, articulated comprehensively in founder Parag Parikh’s 2009 book “Value Investing and Behavioral Finance” published by Tata McGraw-Hill.

The PPLTVF launch mandate included:

  • Pan-equity-market-capitalisation investing: Investments across large, mid and small cap Indian equity without category-mandated minimum allocation constraints (which did not exist in the pre-rationalisation framework).
  • Up to 35 per cent overseas allocation: A structurally distinctive provision allowing investment in foreign-listed equity, predominantly US-listed mega-cap companies, subject to the SEBI/RBI industry-wide overseas-investment cap and the 65 per cent minimum Indian equity required for equity-oriented mutual fund tax treatment.
  • Focused 25 to 35 stock portfolio: Concentrated portfolio with each holding intended to be a material contributor.
  • Willingness to hold material cash: Periodic willingness to hold elevated cash levels when valuations are unattractive, in contrast to typical near-fully-invested mutual fund operation.
  • Lead fund-management: Rajeev Thakkar, since launch.
  • Benchmark: Originally the CNX 500 Index (subsequently renamed Nifty 500), with subsequent migration to the Nifty 500 TRI total-return version following the January 2018 SEBI directive on total-return benchmarking.

Pre-rationalisation operational period (May 2013 to October 2017)

PPLTVF operated under its launch name and mandate for approximately four years and five months, from May 2013 through October 2017. During this period:

  • The scheme grew from launch corpus of approximately Rs 5 crore to over Rs 1,500 crore by early 2018.
  • Founder Parag Parikh died on 3 May 2015 in a road accident in Omaha, Nebraska, USA, while returning from his first attendance at the Berkshire Hathaway Annual Shareholders’ Meeting (see the Parag Parikh biographical article for details).
  • Neil Parikh succeeded as Chairman and CEO of PPFAS AMC, with continuity of fund-management (Rajeev Thakkar continued as lead fund manager, with Raunak Onkar as co-fund manager).
  • PPFAS continued to operate as a single-scheme AMC during this period, until the launch of the second scheme (Liquid Fund) on 9 May 2018.

First rename: PPLTVF to PPLTEF (16 February 2018)

SEBI scheme rationalisation circular (October 2017)

On 6 October 2017, the Securities and Exchange Board of India issued the Categorization and Rationalization of Mutual Fund Schemes circular (SEBI/HO/IMD/DF3/CIR/P/2017/114), substantially restructuring the Indian mutual fund scheme-category framework. The circular:

  • Established standardised scheme categories: Defined a comprehensive taxonomy of mutual fund scheme categories spanning equity, debt, hybrid, solution-oriented and other category groups. The circular required all AMCs to migrate existing schemes into the new category framework.
  • Limited one-scheme-per-category-per-AMC: To address industry-wide scheme-proliferation that had created investor-confusion through near-duplicate schemes across AMC line-ups.
  • Specified category-level constraints: Including minimum allocation percentages, market-capitalisation segment requirements, sector or theme-specific constraints, and other category-defining features.
  • Imposed standardised scheme nomenclature: With each scheme name required to clearly indicate the category (e.g., “Large Cap Fund”, “Multi-Cap Fund”, “ELSS Tax Saver Fund”, “Liquid Fund”).

For the comprehensive analysis of the circular, see the SEBI scheme rationalisation circular 2017 article.

Equity category framework

The October 2017 circular established the following equity categories (among others):

  • Multi-Cap Fund: An open-ended equity scheme investing across large, mid and small cap stocks (the category at this stage did not specify allocation-percentage constraints, although these were added in November 2020).
  • Large Cap Fund: Minimum 80 per cent in large cap stocks (top 100 by market cap).
  • Large and Mid Cap Fund: Minimum 35 per cent in large cap and minimum 35 per cent in mid cap.
  • Mid Cap Fund: Minimum 65 per cent in mid cap stocks.
  • Small Cap Fund: Minimum 65 per cent in small cap stocks.
  • Focused Fund: Maximum 30 stocks.
  • Value Fund: Following value investment strategy.
  • ELSS: Equity-linked savings scheme subject to the Equity Linked Savings Scheme 2005 framework.
  • (And others.)

PPFAS migration decision

PPFAS evaluated the available equity-category options for the flagship PPLTVF and chose to migrate the scheme to the Multi-Cap Fund category. The decision reflected:

  • Alignment with pan-equity-market-capitalisation mandate: The Multi-Cap category was the closest match to PPLTVF’s pre-rationalisation pan-cap mandate.
  • Preservation of operational flexibility: The Multi-Cap category at this stage did not impose minimum mid-and-small-cap allocation constraints (these were added by SEBI in November 2020 under a subsequent circular discussed below).
  • Preservation of overseas allocation provision: The Multi-Cap category did not prohibit foreign-securities allocation, allowing PPFAS to retain its up-to-35-per-cent overseas mandate.
  • Single-scheme-per-category compliance: PPFAS, as a single-equity-scheme AMC at the time, had no compliance complications from the one-scheme-per-category-per-AMC rule.

Rename and category migration (16 February 2018)

PPFAS migrated PPLTVF into the SEBI-defined Multi-Cap Fund category and renamed the scheme to Parag Parikh Long Term Equity Fund (PPLTEF) with effect from 16 February 2018. The rename was an administrative regulatory event, with:

  • No change to fund manager: Rajeev Thakkar continued as lead fund manager.
  • No change to co-fund manager: Raunak Onkar continued as co-fund manager.
  • No change to investment philosophy: The value-investing philosophy continued unchanged.
  • No change to benchmark: Nifty 500 (with TRI migration occurring contemporaneously per the January 2018 SEBI directive).
  • No change to portfolio characteristics: The 25 to 35 focused stock holdings and the up-to-35-per-cent overseas allocation provision continued.
  • No change to operational parameters: Minimum subscription, exit load, TER framework all unchanged.

PPFAS communicated the rename through formal scheme-information-document amendments and a dedicated scheme-name-change page (https://amc.ppfas.com/schemes/scheme-name-change/) on the AMC website explaining the regulatory drivers and the operational continuity.

SEBI multi-cap reclassification (September 2020)

Multi-Cap allocation circular

In September 2020, SEBI issued a circular requiring Multi-Cap Funds to maintain a minimum 25 per cent allocation each to large, mid and small cap stocks, totalling at least 75 per cent of net assets across the three market-cap segments. The circular was a response to AMC industry practice of operating Multi-Cap funds with predominantly large-cap allocation (often 70 to 80 per cent large cap), substantially diverging from the multi-cap framing of the category name.

The September 2020 circular created operational tension for AMCs whose existing Multi-Cap schemes had material large-cap concentration, requiring either:

  • Portfolio rebalancing: Substantial reallocation toward mid and small cap stocks to meet the minimum allocation percentages.
  • Category change: Migration to a different equity category (Large Cap, Large and Mid Cap, Focused Equity, or other) where the existing portfolio composition could be retained without rebalancing.

For PPFAS, the September 2020 circular was particularly impactful given the PPLTEF portfolio’s substantial large-cap and foreign-securities allocation, which would have required either material rebalancing to meet the minimum mid and small cap allocations or migration to a different category. See the SEBI multi-cap reclassification 2020 article and the SEBI multi-cap reclassification 2020 event article for the broader industry-wide implications.

Industry advocacy for new Flexi Cap category

In response to the September 2020 multi-cap reclassification circular, the Indian mutual fund industry through AMFI lobbied SEBI for a new equity category that would preserve the pre-September-2020 multi-cap flexibility (no minimum allocations to specific market-cap segments) without the new constraints. The advocacy was successful.

Flexi Cap category creation (November 2020)

In November 2020, SEBI established the new Flexi Cap Fund category, defined as an open-ended equity scheme investing across large, mid and small cap stocks without any minimum allocation percentage to any specific market-cap segment. The Flexi Cap category effectively preserved the pre-September-2020 multi-cap flexibility, with the new category name distinguishing it from the September-2020-reformed Multi-Cap category.

The November 2020 Flexi Cap circular allowed existing Multi-Cap Fund schemes to optionally migrate to the new Flexi Cap Fund category, providing AMCs with an alternative to the portfolio-rebalancing route. AMCs that opted for Flexi Cap migration were required to:

  • Rename the scheme: To indicate the Flexi Cap category alignment.
  • Update scheme documents: Including the SID, KIM and ongoing factsheet disclosure to reflect the new category and benchmark.
  • Comply with Flexi Cap framework: Specifically the minimum 65 per cent equity allocation requirement (lower than the 75 per cent minimum applicable to the reformed Multi-Cap category).

For the comprehensive analysis of the Flexi Cap category, see the Flexi cap mutual fund India article.

Second rename: PPLTEF to PPFCF (13 January 2021)

PPFAS migration decision

PPFAS evaluated the September 2020 multi-cap reclassification circular and the November 2020 Flexi Cap category alternative and chose to migrate PPLTEF to the new Flexi Cap Fund category. The decision reflected:

  • Preservation of portfolio composition flexibility: The Flexi Cap category preserved the pre-September-2020 flexibility on market-cap-segment allocation, avoiding the need for portfolio rebalancing to meet the September 2020 minimum mid and small cap allocations.
  • Preservation of overseas allocation provision: The Flexi Cap category, like the previous Multi-Cap category, did not prohibit foreign-securities allocation.
  • Continued alignment with investment philosophy: The AMC’s value-investing approach is naturally market-cap-agnostic, with stock selection guided by valuation and quality rather than by market-cap-segment targeting.
  • Operational simplification: Avoiding the portfolio-rebalancing operational complexity that the September 2020 Multi-Cap circular would have required.

Rename and category migration (13 January 2021)

PPFAS migrated PPLTEF into the new SEBI-defined Flexi Cap Fund category and renamed the scheme to Parag Parikh Flexi Cap Fund (PPFCF) with effect from 13 January 2021. The rename was, like the February 2018 rename, an administrative regulatory event with:

  • No change to fund manager: Rajeev Thakkar continued as lead fund manager.
  • No change to co-fund manager: Raunak Onkar continued as co-fund manager.
  • No change to investment philosophy: The value-investing philosophy continued unchanged.
  • No change to benchmark: Nifty 500 TRI.
  • No change to portfolio characteristics: The focused stock holdings and the up-to-35-per-cent overseas allocation provision continued.
  • No change to operational parameters: Minimum subscription, exit load, TER framework all unchanged.

The migration was communicated through formal SID amendments and the Sify and other industry publications.

Post-rename developments (January 2021 onward)

Following the January 2021 rename to PPFCF, the scheme operated under the Flexi Cap framework with subsequent material events including:

2 February 2022: Overseas-cap suspension

On 2 February 2022, PPFAS suspended lump-sum subscriptions and fresh SIP/STP registrations into PPFCF following the industry-wide breach of the SEBI MF overseas investment cap of USD 7 billion. At the time, PPFCF held approximately Rs 5,588 crore (around 28 per cent of AUM) in foreign securities. Ongoing SIPs were not affected.

17 June 2022: Partial resumption

On 17 June 2022, following SEBI’s permission for AMCs to resume subscriptions and overseas investments up to the headroom available as on 1 February 2022, PPFAS partially resumed inflows into PPFCF.

May 2025: Rs 1 lakh crore AUM milestone

In May 2025, PPFCF crossed the Rs 1 lakh crore assets under management threshold, becoming India’s first actively managed equity mutual fund scheme to do so.

2026 onward: Continued AUM scale

PPFCF AUM trajectory has continued: Rs 1,28,966 crore in March 2026, Rs 1,40,949 crore in April 2026, and approximately Rs 1,60,952 crore by 15 May 2026, establishing the scheme as the largest active equity mutual fund in India by AUM.

For the comprehensive coverage of these post-rename developments, see the principal Parag Parikh Flexi Cap Fund article.

Summary of name history

PeriodScheme nameCategoryTrigger
24 May 2013 to 15 Feb 2018Parag Parikh Long Term Value Fund (PPLTVF)Open-ended equity (pre-rationalisation)Original launch
16 Feb 2018 to 12 Jan 2021Parag Parikh Long Term Equity Fund (PPLTEF)Multi-Cap FundSEBI scheme rationalisation circular 2017
13 Jan 2021 onwardParag Parikh Flexi Cap Fund (PPFCF)Flexi Cap FundSEBI Flexi Cap category November 2020

Operational continuity across renames

A key feature of the PPLTVF-to-PPLTEF-to-PPFCF rename history is the operational continuity across the renames. Specifically:

  • Fund manager: Rajeev Thakkar has been continuously the lead fund manager from 24 May 2013 to the present.
  • Co-fund manager: Raunak Onkar (Head of Research) has been continuously a co-fund manager from launch.
  • Investment philosophy: The AMC’s value-investing philosophy, articulated in Parag Parikh’s 2009 book and continued by Rajeev Thakkar since the founder’s May 2015 death, has been the consistent investment-process anchor.
  • Up-to-35-per-cent overseas allocation provision: A structural feature retained across all three name versions, subject to the post-February 2022 cap-freeze affecting incremental deployment.
  • Focused 25 to 37 stock portfolio: The concentration discipline has been consistent.
  • Benchmark continuity: Nifty 500 (with TRI migration in early 2018) has been the consistent benchmark.

The operational continuity reflects the AMC’s positioning of the rename events as regulatory-driven category-nomenclature changes rather than substantive scheme-strategy changes.

Cross-reference to PPFCF article

For the comprehensive coverage of the Parag Parikh Flexi Cap Fund as it currently operates, including:

  • The Rs 1 lakh crore AUM milestone (May 2025) and subsequent AUM trajectory to Rs 1.6 lakh crore (mid-May 2026).
  • The flagship’s continued operation under Rajeev Thakkar as CIO and lead fund manager, with Raunak Onkar (Head of Research) and Raj Mehta (debt and overseas) as co-fund managers.
  • The substantial international-allocation provision (up to 35 per cent of corpus) in foreign-listed equity.
  • The 28 per cent foreign exposure at the time of the February 2022 cap-freeze and the subsequent decline to approximately 11 to 16 per cent by 2026.
  • The portfolio composition including top holdings such as HDFC Bank, Power Grid Corporation, Coal India, Alphabet (Google), Microsoft, Amazon and Meta Platforms.
  • The TER, exit load, minimum investment, distribution channels, peer comparison, and other operational details.

Readers should consult the principal Parag Parikh Flexi Cap Fund article.

Comparison with peer scheme rename histories

The PPFAS flagship rename history is one example of the industry-wide pattern of scheme renames driven by the October 2017 rationalisation and subsequent regulatory developments. Comparable peer-scheme rename histories include:

  • HDFC Equity Fund / HDFC Flexi Cap Fund: HDFC’s long-running multi-cap flagship was similarly migrated from Multi-Cap to Flexi Cap in early 2021.
  • Axis Long Term Equity Fund / Axis ELSS Tax Saver Fund: The Axis ELSS scheme was renamed to align with the standardised ELSS nomenclature.
  • Mirae Asset Tax Saver Fund / Mirae Asset ELSS Tax Saver Fund: Similar ELSS-nomenclature standardisation.
  • Various Aditya Birla Sun Life schemes: Multiple ABSL schemes renamed during the rationalisation cycle.

The industry-wide rename pattern reflects the standardising effect of the SEBI rationalisation framework on scheme nomenclature and category positioning. The PPFAS flagship rename history is distinctive in spanning two successive renames within a four-year window (February 2018 and January 2021), reflecting the two-step regulatory development (initial 2017 rationalisation, subsequent 2020 Flexi Cap category creation).

Documentation and disclosure

PPFAS maintains a dedicated scheme-name-change page on the AMC website at https://amc.ppfas.com/schemes/scheme-name-change/, explaining the regulatory drivers, the operational continuity, and the historical name and category sequence. The page provides the canonical AMC-authored reference for the rename history.

Additional documentation includes:

See also

External references

References

  1. PPFAS Asset Management Private Limited, “Scheme Name Change”, AMC site, https://amc.ppfas.com/schemes/scheme-name-change/, retrieved 16 May 2026.
  2. SEBI, “Categorization and Rationalization of Mutual Fund Schemes”, Circular SEBI/HO/IMD/DF3/CIR/P/2017/114 dated 6 October 2017, https://www.sebi.gov.in/legal/circulars/oct-2017/categorization-and-rationalization-of-mutual-fund-schemes_36199.html, retrieved 16 May 2026.
  3. SEBI, “Asset Allocation of Multi-Cap Funds”, Circular dated 11 September 2020, https://www.sebi.gov.in/legal/circulars/sep-2020/asset-allocation-of-multi-cap-funds_47533.html, retrieved 16 May 2026.
  4. SEBI, “Flexi Cap Fund - A New Category under Equity Schemes”, Circular dated 6 November 2020, https://www.sebi.gov.in/legal/circulars/nov-2020/circular-on-flexi-cap-fund-a-new-category-under-equity-schemes_48148.html, retrieved 16 May 2026.
  5. Sify, “Parikh Long Term Equity Fund is now Parag Parikh Flexi Cap Fund”, https://www.sify.com/finance/parikh-long-term-equity-fund-is-now-parag-parikh-flexi-cap-fund-news-news-umolkObfchibc.html, retrieved 16 May 2026.
  6. PPFAS Asset Management Private Limited, “Parag Parikh Flexi Cap Fund”, AMC scheme page, https://amc.ppfas.com/schemes/parag-parikh-flexi-cap-fund/, retrieved 16 May 2026.
  7. AMFI, “PPFAS Mutual Fund Member Page”, https://www.amfiindia.com/member/64, retrieved 16 May 2026.
  8. AMFI, “Statement of Additional Information (SAI) - PPFAS Mutual Fund”, https://portal.amfiindia.com/spages/sai64.pdf, retrieved 16 May 2026.
  9. Groww, “Parag Parikh Long Term Value Fund Direct Growth” (legacy scheme page), https://groww.in/mutual-funds/parag-parikh-long-term-value-fund-direct-growth, retrieved 16 May 2026.
  10. SEBI, “Mutual Funds Regulations, 1996” (as amended), https://www.sebi.gov.in/legal/regulations/jul-2024/securities-and-exchange-board-of-india-mutual-funds-regulations-1996-last-amended-on-july-08-2024-_85101.html, retrieved 16 May 2026.
  11. Government of India, Ministry of Finance, Equity Linked Savings Scheme 2005 notification, https://incometaxindia.gov.in/, retrieved 16 May 2026.
  12. PPFAS Asset Management Private Limited, “Monthly Factsheet” series, https://amc.ppfas.com/downloads/factsheet/, retrieved 16 May 2026.

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