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Complying with the market regulator Securities and Exchange Board of India's (SEBI) circular on introduction of Flexi Cap Fund as scheme categorisation, PPFAS Mutual Fund on Monday said it has changed the name of its scheme.

In a statement PPFAS Mutual Fund said it has changed the Parag Parikh Long Term Equity Fund into Parag Parikh Flexi Cap Fund -- an open-ended dynamic equity scheme investing across large-cap, mid-cap, and small-cap stocks.

"Complying with the Regulation and after all the necessary approvals the required changes will be effective in our flagship scheme. However, there is no change in our portfolio, investment process. We will continue to manage the money the way we have been managing.

A flexicap strategy will allow the fund manager to invest wherever value and opportunities are available without restrictions," Neil Parag Parikh, Chairman and CEO, PPFAS Mutual Fund said.

Launched in May 2013, Parag Parikh Long Term Equity Fund, now Parag Parikh Flexi Cap Fund is one of only a handful of Indian mutual fund schemes to invest in a basket of Indian and Foreign stocks. The Scheme can invest up to 35 per cent in the overseas market.

As per the latest Factsheet (November 2020), the Fund House manages Rs 5,757.28 crore under this flagship schemes including Rs 171.41 crores by the management and employees.