Who manages PPFAS Mutual Fund after Parag Parikh's passing?

Following the passing of founder Parag Parikh in May 2015, the AMC has been led by Rajeev Thakkar as Chief Investment Officer (CIO). Neil Parikh, son of the founder, serves as Chairman and CEO of PPFAS AMC. The fund has continued to grow substantially under their stewardship.

What is the 'Law of the Farm' investing philosophy?

The 'Law of the Farm' is PPFAS's guiding investment philosophy — it draws an analogy between farming and investing: just as a farmer cannot rush the seasons and must plant, nurture, and wait patiently for harvest, investors must adopt a patient, long-term approach rather than seeking quick returns. This philosophy underpins low portfolio turnover and a buy-and-hold strategy.

What is the AUM of PPFAS Mutual Fund?

PPFAS Mutual Fund has grown to over ₹80,000 Crore in AUM (as of 2025), primarily driven by the flagship Parag Parikh Flexi Cap Fund which is one of India's largest flexi-cap funds. The AMC manages a select number of schemes including equity, debt, and arbitrage funds.

Is PPFAS AMC different from PPFAS Limited?

Yes. PPFAS Mutual Fund is operated by PPFAS Asset Management Private Limited (the AMC entity), which is a subsidiary of Parag Parikh Financial Advisory Services Limited — the unlisted holding/sponsor company. Investors in PPFAS Mutual Fund are investing in the AMC's mutual fund schemes, not in the unlisted shares of the parent company.

Who am I actually transacting with?

You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.

How do I pay, and is there a payment gateway?

Payment is by direct bank transfer to Prospire Network Private Limited's published account (CIN U82300UP2025PTC233622), shown to you in-app at the payment step. There is no card gateway and no escrow. Never pay to a personal account or to any account shared over phone, WhatsApp or email — even if the person claims to be from our team.

How long does settlement take?

After you accept an allocation, you have a short window to pay (typically 2 days). Once payment is verified, shares are usually credited to your demat within 2–3 business days, subject to depository timelines and any company-level restrictions. Timeframes are typical, not guaranteed.

There are no separate platform fee lines and no GST on the transfer — the desk's margin is built into the buy/sell price you're quoted. The only statutory add-on on a purchase is stamp duty on the consideration, shown transparently in your cost breakdown.

Is there a minimum ticket size for PPFAS (Parag Parikh Financial Advisory Services)?

Minimums vary by company and depend on the lot the desk can source. Raise an enquiry and the desk will confirm the available quantity and the minimum for that name.

What KYC do I need, and do I need a demat account?

You'll share your demat details when you enquire so we can settle directly. Full KYC — PAN and a client-master / demat statement — is required before the transfer step, when shares actually change hands. Yes, you need an active demat account to hold unlisted shares.

Are there lock-ins on unlisted or pre-IPO shares?

Some shares carry statutory or company-imposed lock-ins — for example, a post-listing lock-in on pre-IPO stock — and transfers can be subject to the company's articles or approvals. Where a lock-in applies, we'll flag it before you commit.

How do I sell PPFAS (Parag Parikh Financial Advisory Services) shares I already hold?

Raise a sell enquiry with the company, quantity and your target price. The desk confirms a buying price, you transfer your shares into the desk's demat, and once the credit is verified we pay you out by bank transfer to your registered account. The desk never pays out before your shares are received.

Unlisted shares are illiquid, may be hard or impossible to sell, and are not covered by exchange settlement guarantees or investor-protection funds. Pricing is indicative, not live. Read the full Risk Disclosure before you enquire, and invest only what you can afford to lock away.

PPFAS (Parag Parikh Financial Advisory Services) Unlisted Share Price | Buy PPFAS (Parag Parikh Financial Advisory Services) Pre-IPO Shares — wisefolio

Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.

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PPFAS (Parag Parikh Financial Advisory Services) Unlisted Share Price | Buy PPFAS (Parag Parikh Financial Advisory Services) Pre-IPO Shares — wisefolio | wisefolio

Investment Thesis

Parag Parikh Financial Advisory Services Limited is the unlisted sponsor behind one of India's most admired AMCs — PPFAS Mutual Fund. With AUM exceeding ₹80,000 Cr and a clear value investing differentiation, the company represents a high-quality financial services business. The ₹17,500 per share price reflects genuine intrinsic value compounding alongside AUM growth. While not publicly tradeable, this unlisted share is held by long-term investors who appreciate the alignment with the founder's patient capital philosophy. The company's outlook is fundamentally tied to India's equity market growth and PPFAS AMC's ability to maintain its performance record and investor trust.

Pros

Sponsor of PPFAS Mutual Fund — one of India's most respected and rapidly growing AMCs known for a differentiated value-investing philosophy inspired by Warren Buffett and Charlie Munger
PPFAS Mutual Fund's flagship Parag Parikh Flexi Cap Fund has grown to over ₹80,000 Cr in AUM (as of 2025), making it one of the largest flexi-cap funds in India
High share price of ₹17,500 per share reflects the company's strong intrinsic value and the growing AUM base of PPFAS Mutual Fund
Founded on the 'Law of the Farm' philosophy — emphasizing long-term patience, low portfolio churn, and shareholder alignment — creating a loyal and growing investor base
Management led by Rajeev Thakkar (CIO) is widely regarded as one of India's most respected fund managers, with a consistent long-term track record
Simple product line (limited number of schemes) reduces complexity and builds investor trust
Global equity allocation in flagship fund provides international diversification unavailable in most Indian mutual funds
No distributor commissions (direct-first philosophy) aligns with investor interests and reduces mis-selling

Cons

As a private unlisted company, shares are not tradeable on public exchanges — liquidity for shareholders is extremely limited
Revenue is entirely dependent on AUM-based management fees; market corrections can significantly reduce AUM and fee income
Concentrated business model — the company's fortunes are tightly linked to a single mutual fund brand (PPFAS)
Loss of the founding Parag Parikh (who passed away in 2015) created succession uncertainty, though current management has managed the transition well
Competition from larger AMCs (SBI Mutual Fund, HDFC AMC, ICICI Prudential AMC) with superior distribution networks and brand recall
Regulatory risk: SEBI changes to expense ratios, distributor commissions, or fund categorization could impact profitability

Business Segments

Mutual Fund Sponsorship & AMC Management

As the sponsor of PPFAS Mutual Fund, the company earns fees through its subsidiary PPFAS Asset Management Private Limited based on AUM under management. The flagship Parag Parikh Flexi Cap Fund is the primary AUM driver.

Investment Advisory Services

SEBI-registered investment advisory services for high-net-worth individuals and institutional clients, consistent with the company's value investing philosophy

Revenue Model

Revenue is primarily generated through management fees and advisory fees earned by PPFAS Asset Management Private Limited (AMC subsidiary) based on a percentage of AUM. Total Expense Ratio (TER) charged to mutual fund investors generates fee income proportional to AUM. As AUM grows, fee income scales significantly. The company benefits from operating leverage as incremental AUM growth requires minimal incremental cost. PPFAS Mutual Fund's focus on direct plans (low-cost) and equity-oriented schemes (higher TER than debt) shapes the revenue mix.

Detailed Analysis

Growth outlookExpansion plans, industry tailwinds & headwinds14

Growth Plans

India's mutual fund industry AUM growth trajectory — India's MF AUM is expected to reach ₹100 lakh crore by 2030

Growing SIP culture and increasing retail participation in equity mutual funds

PPFAS brand loyalty and strong word-of-mouth among value investing community

Potential launch of new schemes targeting retirement, infrastructure, and international investing themes

Recent Developments

PPFAS Mutual Fund AUM surpasses ₹80,000 Cr

PPFAS Mutual Fund crossed the ₹80,000 Crore AUM milestone driven primarily by the flagship Parag Parikh Flexi Cap Fund, reflecting strong sustained inflows from SIP investors and lump-sum retail and HNI investors.

2025-01

New scheme launches and portfolio expansion

PPFAS AMC launched or expanded its product suite beyond the flagship flexi-cap fund to include ELSS, arbitrage, and debt fund categories, targeting a broader investor base while maintaining its investment philosophy.

2024-09

Rajeev Thakkar continues value investing approach amid market volatility

CIO Rajeev Thakkar maintained the fund's selective global equity allocation (in US technology stocks like Alphabet and Meta) while emphasizing patience and avoiding momentum-driven sectors — consistent with the founding philosophy.

2024-04

Comparable Companies

CompanyTypeTickerMkt Cap

HDFC Asset Management CompanyListedHDFCAMC~₹95,000 Cr (listed)

Nippon Life India Asset ManagementListedNAM-INDIA~₹30,000 Cr (listed)

UTI Asset Management CompanyListedUTIAMC~₹14,000 Cr (listed)

HDFC Asset Management CompanyListed

HDFCAMC · ~₹95,000 Cr (listed)

Frequently Asked Questions

The high per-share price of ₹17,500 reflects the company's substantial intrinsic value as the AMC sponsor of PPFAS Mutual Fund, which manages over ₹80,000 Cr in AUM. Since the company has never split its shares or diluted equity, the per-share value has compounded significantly along with the growing AUM and fee income of PPFAS AMC. The high price also signals exclusivity and is consistent with the promoters' long-term value creation philosophy.

About PPFAS (Parag Parikh Financial Advisory Services)

Parag Parikh Financial Advisory Services Limited (PPFAS) is one of India's most respected independent financial advisory and investment management firms, incorporated on December 12, 1992 in Mumbai, Maharashtra. The company was founded by Parag Parikh, a legendary value investor and financial educator, with the mission of providing honest, conflict-free financial advisory and investment services. PPFAS began operations in 1992 as a BSE-registered stockbroker and financial advisory firm. In 1996, it was among the first batch of firms to receive SEBI's Portfolio Management Services (PMS) license (Registration No. INP000000241), reflecting SEBI's confidence in its early governance standards. The firm launched the Cognito PMS scheme in 1996, which became one of India's earliest and most respected portfolio management products. The company's most significant contribution to Indian financial markets came in 2013, when it launched PPFAS Mutual Fund — one of India's few genuinely globally-invested mutual fund AMCs. The flagship Parag Parikh Flexi Cap Fund (formerly Long Term Value Fund) became famous for its unique combination of Indian equity holdings with international equities (primarily US technology and global companies), value investing discipline, and low-cost philosophy. PPFAS's philosophy, shaped by Parag Parikh, was deeply influenced by Benjamin Graham and Warren Buffett's value investing principles. Parag Parikh tragically passed away in a road accident near Berkshire Hathaway's annual meeting in Omaha in May 2015, but the firm has continued his legacy under the leadership of his son Neil Parikh and veteran fund manager Rajeev Thakkar. As of 2024-25, PPFAS Mutual Fund manages Assets Under Management (AUM) exceeding Rs.75,000 crore, making it one of India's fastest-growing AMCs. The parent company PPFAS Limited remains the Sponsor of PPFAS Mutual Fund and continues to provide advisory and PMS services.

Key Milestones

1992: Parag Parikh Financial Advisory Services Limited incorporated in Mumbai by the visionary investor and author Parag Parikh

Common questions about unlisted shares

How do I buy PPFAS (Parag Parikh Financial Advisory Services) unlisted shares here?
Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.
Who am I actually transacting with?
You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.
How do I pay, and is there a payment gateway?

Parag Parikh Financial Advisory Services Limited

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