Mumbai, April 3 -- Parag Parikh Financial Advisory Services (PPFAS) Ltd's flagship flexi-cap scheme has a cult following in the mutual fund space. After all, it has generated a compound annual growth rate (CAGR) of 18% since its launch in 2013. However, at its annual unit holders' meeting in 2024, one of its unitholders had an interesting story.

Financial advisors sold her an unlisted debenture, promising good returns. When it came time for her to pay for her daughter's fee, she found that the investment was illiquid. Later, she told the PPFAS team that she had no other option but to sell units in the PPFAS flexi-cap scheme to pay for her daughter's college.

Khushboo Joshi, chief wealth officer of PPFAS Wealth, told Mint that over the y...