Mirae Asset Large Cap Fund: Scheme Structure, SEBI Large-Cap Rules, and Capital Gains Taxation for Tax Year 2026-27
Overview
Mirae Asset Large Cap Fund operates as an open-ended equity scheme with a primary focus on large-cap company stocks. The fund's stated objective is long-term capital appreciation through predominant investment in large-cap equities — though no guarantee of achieving that objective, or of returns in any form, is extended to investors. Understanding this scheme requires examining its structural identity, the regulatory framework governing its category, applicable taxation under the Income-tax Act, 2025, and several integrity considerations around how scheme data should be read and used.
Scheme Identity and Verified Official Information
The AMC (Asset Management Company) officially classifies this fund as a large-cap, open-ended equity scheme. The allotment date is 4 April 2008. The benchmark designated by the AMC is the NIFTY 100 Total Return Index (TRI), which accounts for dividend reinvestment and is, therefore, a more appropriate performance yardstick than a price-only index.
The AMC scheme page identifies Gaurav Misra as the fund manager. Two plan variants are available — Regular Plan and Direct Plan — each with Growth and Income Distribution cum Capital Withdrawal (IDCW) options.
A NAV figure of ₹107.7080 as on 16 October 2026 was displayed on the AMC's scheme listing page. However, because that listing excerpt does not specify which plan or option the figure corresponds to, it would be incorrect to treat this number as the applicable NAV across all plan/option combinations. NAV is a dated per-unit accounting figure, not a forward-looking redemption guarantee.
It is also worth noting that legacy text on the AMC's website references outdated capital gains rates of 15% and 10%, along with the old ₹1 lakh LTCG threshold. Those figures are not applicable to qualifying transfers in Tax Year 2026-27. The governing authority for current tax treatment is the Income-tax Act, 2025 and the Income Tax Department's current guidance.
| Scheme Attribute | Official Description | Editorial Note |
|---|---|---|
| Category | Large Cap Fund; open-ended equity | Minimum 80% large-cap equity per SEBI 2026 circular |
| Inception/Allotment | 4 April 2008 | Historical only; no bearing on future performance |
| Benchmark | NIFTY 100 (TRI) | Dividends included in benchmark return |
| Fund Manager | Gaurav Misra | Verify current status with AMC |
| Plans/Options | Direct & Regular; Growth & IDCW | Different NAVs and expense ratios apply |
| NAV (as displayed) | ₹107.7080 as on 16 October 2026 | Plan/option not confirmed from listing excerpt |
| Riskometer | Very High | Risk descriptor, not a performance prediction |
SEBI's Large-Cap Category Mandate and Its Practical Implications
SEBI's Categorization and Rationalization of Mutual Fund Schemes circular dated 26 February 2026 formally defines the Large Cap Fund category. Under this circular, a large-cap fund must be structured as an open-ended equity scheme predominantly invested in large-cap stocks, with a minimum of 80% of total assets deployed in equity and equity-related instruments of large-cap companies.
"Large-cap" refers to companies ranked within the top 100 by market capitalisation under the AMFI periodic classification exercise. The 80% floor establishes the minimum, not an absolute ceiling on flexibility. The residual portion of the portfolio — up to 20% — may be held in other permitted asset classes, cash, or liquid instruments for settlement and liquidity management, subject to the Scheme Information Document (SID), SEBI regulations and applicable limits.
Important: Any historical allocation percentage disclosed in an older factsheet or portfolio statement should not be used as a proxy for the current exposure. Portfolio compositions shift continuously with market prices, subscriptions, redemptions and active trading decisions.
Active Management Versus the NIFTY 100 Benchmark
Mirae Asset Large Cap Fund is actively managed and does not commit to replicating the NIFTY 100 index on a weight-for-weight basis. The benchmark serves as a reference point for performance comparison — not as a portfolio construction template.
The actual scheme portfolio may diverge from index weights through deliberate decisions on stock selection, sector concentration, cash levels and transaction timing. Differences in expense structure further create a gap between scheme returns and benchmark returns, regardless of the investment decisions taken.
The AMC describes a fundamental investment process emphasising business quality, management assessment and valuation discipline. This represents the stated approach — it is not evidence of guaranteed outperformance, nor does it eliminate the risks inherent in large-cap equity investing.
Investors evaluating performance against the benchmark should ensure:
- Matching observation dates for both scheme and benchmark figures
- Selecting the correct plan (Direct or Regular) and option (Growth or IDCW)
- Using total return basis for both
- Applying the relevant expense structure consistently